An amended lawsuit against a UBS Paine Webber / Mark Advisors hedge fund brings to light a challenge faced by the growing number of fund companies also offering SEC-registered hedge funds.

The suit challenges earnings and investment representations, and raises questions about how these expectations are explained to brokers and marketed to investors.

The PW Aspen Fund, a closed-end limited liability private investment company, has been named among the defendants in an amended lawsuit filed in the U.S. District Court for the Southern District of Florida.

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