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CONTINENTAL CAS. CO. v. PRICEWATERHOUSECOOPERS, LLP

No. 133

15 N.Y.3d 264 (2010)

933 N.E.2d 738

907 N.Y.S.2d 139

CONTINENTAL CASUALTY COMPANY et al., Appellants, v. PRICEWATERHOUSECOOPERS, LLP, Respondent. EAGLE PARTNERS, L.P., et al., Appellants, v. PRICEWATERHOUSECOOPERS, LLP, Respondent. JEREMY M. JONES et al., Appellants, v. PRICEWATERHOUSECOOPERS, LLP, Respondent.

Court of Appeals of New York.

Decided June 29, 2010.

Attorney(s) appearing for the Case

Pachulski Stang Ziehl & Jones LLP, New York City ( Steven J. Ahmuty, Jr. , Ilan D. Scharf and Dean A. Ziehl of counsel), and Susman Godfrey LLP, Los Angeles, California ( Marc M. Seltzer of counsel), for appellants.

Orrick, Herrington & Sutcliffe LLP, New York City ( J. Peter Coll, Jr. , Steven J. Fink and Joshua M. Cutler of counsel), and Office of General Counsel, PricewaterhouseCoopers LLP ( Andrew Plunkett of counsel), for respondent.

Judges CIPARICK, GRAFFEO, SMITH and JONES concur with Judge PIGOTT; Judge READ dissents in a separate opinion; Chief Judge LIPPMAN taking no part.

OPINION OF THE COURT

PIGOTT, J.

In these actions, plaintiffs, former limited partners of Lipper Convertibles, LP, assert direct claims of fraud against PricewaterhouseCoopers, LLP (PwC), the auditor of Lipper Convertibles' annual financial statements for the years 1995 through 2000. Plaintiffs claim that PwC fraudulently declared the partnership's financial statements to be accurate and prepared in conformity with generally accepted accounting principles...

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