MORGADO FAMILY PARTNERS, LP v. LIPPER


19 A.D.3d 262 (2005)

800 N.Y.S.2d 128

MORGADO FAMILY PARTNERS, LP, et al., Appellants, v. KENNETH LIPPER et al., Defendants, and PRICEWATERHOUSE COOPERS LLP, Respondent. ROBERT A. WILLIAMSON, Nonparty Respondent.

Appellate Division of the Supreme Court of the State of New York, First Department.

June 23, 2005.


This is a putative class action by limited partners against, inter alia, the limited partnership's auditor for professional malpractice in failing to detect overvaluation of the partnership's assets and the general partner's consequent taking of excessive incentive compensation. Under the partnership agreement, incentive compensation was to be charged against the capital account of each limited partner and credited to the general partner's incentive compensation account as...

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