A group of investors Wednesday sued the accounting giant Ernst & Young for allegedly misrepresenting the financial status of the defunct hedge fund Parkcentral Global after they lost a total of $17 million in the fund.

The lawsuit was filed in the Harris County District Court on Thursday on behalf of Houston financial consultant Gus Comiskey and four Tucson, Ariz-based entities including the Thomas R. Brown Family Private Foundation. The investors are suing Ernst & Young for alleged accounting fraud, negligent misrepresentation, securities fraud and conspiracy to commit fraud.

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