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Kingate Global Fund, Ltd (In Liquidation) (2) Kingate Euro Fund, Ltd -v- PricewaterhouseCoopers (A Firm) [2014] SC (Bda) 83 Com (4 November 2014)

November 2014 Companies

BERMUDA

SUPREME COURT

WILFUL MISCONDUCT - FURTHER AND BETTER PARTICULARS - AMENDMENT

The Plaintiffs were investment companies which acted as “feeder funds” to Bernard L. Madoff Investment Securities LLC (“Madoff Securities”), an investment company established and operated by the notorious fraudster Bernard L. Madoff. The vast majority of monies raised by the Plaintiffs were transferred to Madoff Securities for investment on the Plaintiffs’ behalf. In fact, Mr. Madoff was running a Ponzi scheme and none of the monies were invested. Upon Mr. Madoff’s arrest in December 2008, the Plaintiff funds collapsed and were placed in liquidation.

The Defendant was appointed as auditor for the First Plaintiff from 1999 to 2008 and for the Second Plaintiff from 2000 to 2008. The Plaintiffs alleged that, had the Defendant done its job properly, from March 2000 onwards the Plaintiffs would not have invested any monies in Madoff Securities. The amount transferred by the Plaintiffs to Madoff Securities after that date and not recovered is well in excess of US$1 billion.

 

To continue reading full articles in PDF format:
Kingate Global Fund, Ltd (In Liquidation) (2) Kingate Euro Fund, Ltd -v- PricewaterhouseCoopers (A Firm) [2014] SC (Bda) 83 Com (4 November 2014)

 

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EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel: +1 441 298 7814
Email: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel: +1 284 852 1113
Email: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel: +1 345 814 7777
Email: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, QC
Tel: +852 2842 9553
Email: nigel.meeson@conyersdill.com

Offshore Cases

Kingate Global Fund, Ltd (In Liquidation) (2) Kingate Euro Fund, Ltd -v- PricewaterhouseCoopers (A Firm) [2014] SC (Bda) 83 Com (4 November 2014)

20 November 2014

BERMUDA

SUPREME COURT

WILFUL MISCONDUCT - FURTHER AND BETTER PARTICULARS - AMENDMENT

The Plaintiffs were investment companies which acted as “feeder funds” to Bernard L. Madoff Investment Securities LLC (“Madoff Securities”), an investment company established and operated by the notorious fraudster Bernard L. Madoff. The vast majority of monies raised by the Plaintiffs were transferred to Madoff Securities for investment on the Plaintiffs’ behalf. In fact, Mr. Madoff was running a Ponzi scheme and none of the monies were invested. Upon Mr. Madoff’s arrest in December 2008, the Plaintiff funds collapsed and were placed in liquidation.

The Defendant was appointed as auditor for the First Plaintiff from 1999 to 2008 and for the Second Plaintiff from 2000 to 2008. The Plaintiffs alleged that, had the Defendant done its job properly, from March 2000 onwards the Plaintiffs would not have invested any monies in Madoff Securities. The amount transferred by the Plaintiffs to Madoff Securities after that date and not recovered is well in excess of US$1 billion.

 

To continue reading full articles in PDF format:
Kingate Global Fund, Ltd (In Liquidation) (2) Kingate Euro Fund, Ltd -v- PricewaterhouseCoopers (A Firm) [2014] SC (Bda) 83 Com (4 November 2014)

 

 

EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel.: +1 441 298 7814
Email.: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel.: +1 284 852 1113
Email.: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel.: +1 345 814 7777
Email.: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, Q.C.
Tel.: +852 2842 9553
Email.: nigel.meeson@conyersdill.com