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RS INVESTMENTS LTD. v. RSM US, LLP

No. 1-17-2410.

125 N.E.3d 1206 (2019)

2019 IL App (1st) 172410

RS INVESTMENTS LIMITED, Corrado Investments Limited, Eden Rock Finance Master Limited, Eden Rock Asset Based Lending Master Limited, Eden Rock Unleveraged Finance Master Limited, and Solid Rock Special Situations 2 Limited D, Plaintiffs-Appellants, v. RSM US, LLP; RSM Cayman, Ltd.; and Simon Lesser, Defendants-Appellees.

Appellate Court of Illinois, First District, FOURTH DIVISION.

February 28, 2019.

Attorney(s) appearing for the Case

Elizabeth B. Vandesteeg , John C. Martin , and David M. Madden , of Sugar Felsenthal Grais & Hammer LLP, of Chicago, Nicholas F. Kajon , Eric M. Robinson , and Constantine Pourakis, of Stevens & Lee, P.C., and David A. Barrett , of Boies Schiller Flexner LLP, both of New York, New York, and Courtney R. Rockett and Patrick J. Rohan , of Boies Schiller Flexner LLP, of Armonk, New York, for appellants.

Anand C. Mathew , of Honigman Miller Schwartz & Cohn LLP, of Chicago, and Kannon K. Shanmugam (pro hac vice), Joseph M. Terry (pro hac vice), Katherine M. Turner (pro hac vice), and Jessica L. Pahl (pro hac vice), of Williams & Connolly LLP, of Washington, D.C., for appellees RSM US LP and Simon Lesser.

Kenneth E. Kraus , of Ken Kraus Law, LLC, of Madison, Wisconsin, for other appellee.

OPINION

¶ 1 The plaintiffs are certain shareholders of Lancelot Investors Fund (Lancelot Offshore), a hedge fund that was incorporated in the Cayman Islands in 2002 and collapsed in 2008 upon the revelation that substantially all of its assets were invested...

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