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PUBLIC EMPLOYEES' RETIREMENT v. DELOITTE & TOUCHE LLP

No. 07-1704.

551 F.3d 305 (2009)

PUBLIC EMPLOYEES' RETIREMENT ASSOCIATION OF COLORADO; Generic Trading of Philadelphia, L.L.C., Plaintiffs-Appellants, v. DELOITTE & TOUCHE LLP; Deloitte & Touche Accountants, Defendants-Appellees.

United States Court of Appeals, Fourth Circuit.

Decided January 5, 2009.

Attorney(s) appearing for the Case

ARGUED: Andrew John Entwistle, Entwistle & Cappucci, L.L.P., New York, New York, for Appellants. Daniel F. Kolb, Davis, Polk & Wardwell, New York, New York; John T. Behrendt, Gibson, Dunn & Crutcher, L.L.P., New York, New York, for Appellees. ON BRIEF: Johnston de F. Whitman, Jr., Richard W. Gonnello, Jordan A. Cortez, Entwistle & Cappucci, L.L.P., New York, New York; Adelberg, Rudow, Dorf & Hendler, L.L.C., Baltimore, Maryland, for Appellants. Marshall R. King, Lee G. Dunst, LaShann M. DeArcy, Gibson, Dunn & Crutcher, L.L.P., New York, New York, Daniel F. Goldstein, Brown, Goldstein & Levy, L.L.P., Baltimore, Maryland, for Appellee Deloitte & Touche Accountants; Sharon Katz, Jane Alexandra Small, Joshua D. Liston, Davis, Polk & Wardwell, New York, New York, Max H. Lauten, Kramon & Graham, P.A., Baltimore, Maryland, for Appellee Deloitte & Touche LLP.

Affirmed by published opinion. Judge WILKINSON wrote the opinion, in which Judge AGEE and Judge COPENHAVER joined.

OPINION

WILKINSON, Circuit Judge:

This class action securities fraud lawsuit arises out of improper accounting by Royal Ahold, N.V., a Dutch corporation, and U.S. Foodservice, Inc. ("USF"), a Maryland-based Ahold subsidiary. The misconduct of Ahold and USF is not disputed in this appeal; at issue is the liability of Ahold's accountants, Deloitte & Touche LLP ("Deloitte U.S.") and Deloitte & Touche Accountants ("Deloitte Netherlands"), for their alleged...

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