In late 2008, plaintiff Brown Investment Management, L.P. (Brown) and other investors purchased an aggregate $17 million of limited partnership interests in hedge fund Parkcentral Global, L.P. and Parkcentral Global Fund Limited, both of which fed all their invested assets into Parkcentral Global Hub Limited (Fund).  Despite the Fund’s numerous representations that it would not commit more than 5% of its assets to any one of its investment strategies, or lose more than 5% of net asset value in a worst case scenario, the Fund collapsed in 2008 after making a huge unhedged bet on mortgage backed securities.  The investors’ entire $17 million was wiped out within months.  A 2009 class action is pending against various Fund employees and certain entities allegedly controlled by Ross Perot and his family.  Based in part on the allegations made in the class action, Brown and the other investor plaintiffs now accuse the Fund’s auditor, Ernst & Young, L.L.P., of fraud, negligence and other misdeeds arising out of their preparation of the Fund’s financial statements.  We summarize the allegations made in the complaint and the plaintiffs’ legal theories.