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WILLIAMSON v. PRICEWATERHOUSE

32 A.D.3d 179 (2006)

817 N.Y.S.2d 61

RICHARD A. WILLIAMSON, as Successor Liquidating Trustee on Behalf of LIPPER CONVERTIBLES, L.P., and LIPPER FIXED INCOME FUND, L.P., Appellant, v. PRICEWATERHOUSECOOPERS LLP, Respondent.

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

June 22, 2006.

Attorney(s) appearing for the Case

Labaton, Sucharow & Rudoff LLP, New York City (Thomas A. Dubbs, Joseph Sternberg, Lisa Buckser-Schulz, Craig A. Martin, Barry Michael Okun and Andrew C. Levitt of counsel), for appellant.

Orrick, Herrington & Sutcliffe LLP, New York City (J. Peter Coll, Jr., Steven J. Fink, Sherene D. Hannon, Joshua M. Cutler and Thomas H. Godwin of counsel), for respondent.

MAZZARELLI, J.P., and CATTERSON, J., concur with SAXE, J.; ANDRIAS and SULLIVAN, JJ., dissent in a separate opinion by ANDRIAS, J.

OPINION OF THE COURT

SAXE, J.

This lawsuit arises out of the collapse of a hedge fund called Lipper Convertibles, L.P. (the Fund). After the Fund's portfolio manager, Edward Strafaci, unexpectedly resigned on January 14, 2002, the Fund conducted a review of its portfolio and discovered that Strafaci had used an improper method for valuing the portfolio's securities, materially overstating the value of Lipper Convertibles' securities holdings. As a result...

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