PwC-Linked Fraud At Lipper Began Early, 2nd Circ. Hears

Law360, New York (February 06, 2013, 6:17 PM ET) -- Investors in Lipper Convertibles LP urged the Second Circuit on Wednesday to reopen a suit in which they claim PricewaterhouseCoopers LLP hid the poor finances of the now-defunct hedge fund, arguing that they were defrauded from the start.

Stakes in Lipper were overvalued from the day investors bought them, a lawyer for a group behind the lawsuit told a panel of judges at oral arguments.

“At the time of our investment, the capital was overstated by a very substantial percentage,” Daniel Krasner of Wolf Haldenstein Adler...
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