BDO USA, LLP v. Phoenix Four, Inc.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
This procedurally complicated matter arose from a business relationship that began almost two decades ago. In 1994, defendant Phoenix, a mutual fund, retained defendant SRC as its investment advisor and plaintiff EDO as its accountant. In May 2005, Phoenix commenced an action in federal court against SRC, alleging that SRC had fraudulently overstated Phoenix’s assets in order to charge higher fees. Phoenix also commenced an arbitration proceeding against EDO for failing to uncover SRC’s fraud.
In July 2007, Phoenix and SRC settled the federal action. Under the settlement agreement, SRC was to…
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