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COMMON FUND FOR NON-PROFIT ORGANIZATIONS v. KPMG PEAT MARWICK L.L.P.

No. 96 Civ. 0255 (MGC).

951 F.Supp. 498 (1997)

The COMMON FUND FOR NON-PROFIT ORGANIZATIONS, Plaintiff, v. KPMG PEAT MARWICK L.L.P., KPMG Peat Marwick, First Capital Strategists, John J. McCollum, Robert E. Frith, Jr., Keith H. Cunningham, and Paul J. Gangemi, Defendants.

United States District Court, S.D. New York.

February 6, 1997.

Attorney(s) appearing for the Case

Sidley & Austin by John G. Hutchinson, John J. Kuster, New York City, for KPMG Peat Marwick LLP (sued as KPMG Peat Marwick, L.L.P. and KPMG Peat Marwick).

Richards Spears Kibbe & Orbe, New York City by Linda Imes, Kenneth P. Held, David Spears, for First Capital Strategists, John J. McCollum, Robert E. Frith, Keith H. Cunningham, and Paul J. Gangemi.

MEMORANDUM OPINION AND ORDER

CEDARBAUM, District Judge.

This case arises out of losses sustained by The Common Fund for Non-Profit Organizations ("the Common Fund") when Kent A. Ahrens, an employee of First Capital Strategists ("First Capital"), engaged in unauthorized and unhedged securities trading for the Common Fund's account. At the time, First Capital was the Common Fund's exclusive agent for securities lending and arbitrage activities. The...

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