First Pension Investors Settle With Accountants
Los Angeles Times (08/29/00) Vol. 104, No. 34 p.C1; Ballon, Marc

Investors of First Pension Corp. have settled a six-year-old case with former accounting giant Coopers & Lybrand, under undisclosed terms. The investors, who lost approximately $136 million, were excited about the settlement, and Coopers & Lybrand, now PricewaterhouseCoopers, is relieved that a settlement came before the trial went into the damages phase. A jury found the accounting firm liable for misrepresenting First Pension's financial health, concealing material information, and abetting the managers of First Pension in fraud.


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