Trust Cannot Allege Claims Against Auditor As There Was No Privity Between Parties

(October 5, 2015, 1:08 PM EDT) -- FORT WORTH, Texas — A Texas federal judge on Sept. 30 dismissed claims against the auditor of a short-term investment fund on the basis that there was no privity between the auditor and the participants in a pension plan whose proceeds were placed in the fund, which was later discovered to be fraudulent (The Administrative Committee of the American Excelsior Company Employee Stock Ownership Trust v. GreatBanc Trust Co., et al., No. 14-825, N.D. Texas; 2015 U.S. Dist. LEXIS 133160).

(Opinion available. Document #54-151014-035Z.)

The administrative...
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