PwC Gets Convertibles Investor Suit Nixed

Law360, New York (November 18, 2010, 5:47 PM EST) -- A federal judge has tossed a suit Lipper Convertibles LP investors filed accusing PricewaterhouseCoopers LLP of issuing false and misleading audits that led them to invest in the now-defunct hedge fund.

In an order Wednesday, Judge Richard M. Berman of the U.S. District Court for the Southern District of New York granted summary judgment to PwC, finding that the limited partners of the fund lacked standing to pursue direct claims against the accounting giant because they failed to show evidence of a nonderivative injury.

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Case Information

Case Title

CILP Associates, et al v. Lipper Conv., L.P., et al


Case Number

1:03-cv-02632

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Richard M. Berman

Date Filed

April 15, 2003

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