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PETERSON v. McGLADREY & PULLEN, LLP

No. 10-3770.

676 F.3d 594 (2012)

Ronald R. PETERSON, as Chapter 7 Trustee for the estates of Lancelot Investors Fund, L.P., et al., Plaintiff-Appellant, v. McGLADREY & PULLEN, LLP, et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided April 3, 2012.

Attorney(s) appearing for the Case

Clark Steven Tomashefsky (argued), Attorney, Stein Ray LLP, Chicago, IL, for Plaintiff-Appellant.

Steven M. Farina (argued), Attorney, Williams & Connolly LLP, Washington, DC, Paul C. Curnin , Attorney, Simpson Thacher & Bartlett, New York, NY, Michael Dockterman , Attorney, Wildman, Harrold, Allen & Dixon LLP, Chung-Han Lee , Attorney, Edwards Wildman Palmer LLP, Chicago, IL, for Defendants-Appellees.

Dean A. Ziehl , Attorney, Pachulski Stang Ziehl & Jones LLP, New York, NY, for Amicus Curiae, National Association of Bankruptcy Trustees.

Douglas R. Cox , Attorney, Gibson, Dunn & Crutcher LLP, Washington, DC, for Amici Curiae, the Center for Audit Quality and the American Institute of Certified Public Accountants.

Before EASTERBROOK, Chief Judge, and BAUER and SYKES, Circuit Judges.

EASTERBROOK, Chief Judge.

In 2002 Gregory Bell established five mutual funds, known as the Lancelot or Colossus group. We call them "the Funds." They raised about $2.5 billion, which they reinvested in businesses such as Thousand Lakes, LLC, that claimed to act as commercial factors. (For simplicity we use Thousand Lakes as the only exemplar.) The Funds told their investors that Thousand Lakes loaned money to operating businesses on the security of their inventories...

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