5th Circ. Affirms Toss Of Funds' EisnerAmper Auditing Suit
Law360 (August 3, 2018, 9:58 PM EDT) -- The Fifth Circuit on Thursday affirmed a trial court’s dismissal of several Louisiana pension funds’ allegations that accounting firm EisnerAmper LLP’s failure to audit an investment fund cost them $100 million, ruling the funds should have first submitted the claims to Louisiana’s accountant review panel.
In an 11-page published opinion, a three-judge panel affirmed U.S. District Judge Shelly Deckert Dick’s ruling dismissing claims brought by Firefighters’ Retirement System, Municipal Employees’ Retirement System of Louisiana and New Orleans Firefighters’ Pension & Relief Fund over their $100 million investment in Fletcher Asset Management’s now defunct FIA Leveraged Fund. The funds contend that EisnerAmper...
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