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.