Publications

July 14, 2010

'Continental Casualty Company v. PricewaterhouseCoopers, LLP'

Full PDF

In a decision issued on June 29, 2010, the New York Court of Appeals, in Continental Cas. Co. v. PricewaterhouseCoopers, LLP, held that investors who were limited partners in a hedge fund could not sue an outside accounting firm for the reduction in the value of their investment in the fund as a result of fraud because such claims were inherently derivative in nature and belonged to the fund itself and not to any individual investor. This memorandum discusses the Court of Appeals opinion and its potential ramifications.