15 March 2011
START DATE
END DATE
9-May-11
PricewaterhouseCoopers Bermuda v. Kingate Global Fund Ltd (in Liquidation) & Kingate Euro Fund Ltd. (in Liquidation)
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
The Court of Appeal for Bermuda
Commercial Law Negligence Audit and Liquidation
Edward Zacca President Anthony Evans JA Scott Baker JA
Crow QC John Riihiluoma
Beltrami QC Chen Foley
FACTS OF THE CASE:
The Funds acted as 'Feeder Funds' for Bernard Madoff's investment scheme leading to significant losses after his fraud was exposed. PWC audited the Funds over this period issuing unqualified opinions. The Funds' liquidators sought damages from PWC for negligence leading to legal battles over PWC's liability and the jurisdiction of Bermuda courts to issue winding-up orders and require document production from PWC.
SUMMARY:
Whether Bermuda courts had jurisdiction to issue winding-up orders and compel document production from PWC the legality of PWC's audit practices
OUTCOMES:
Appeal dismissed no extension of time for appealing against winding-up orders granted section 195 orders upheld
RULED IN FAVOUR OF:
the Defendants (Kingate Global Fund Ltd and Kingate Euro Fund Ltd)
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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PricewaterhouseCoopers Bermuda v. Kingate Global Fund Ltd (in Liquidation) & Kingate Euro Fund Ltd. (in Liquidation)
The Funds acted as 'Feeder Funds' for Bernard Madoff's investment scheme leading to significant losses after his fraud was exposed. PWC audited the Funds over this period issuing unqualified opinions. The Funds' liquidators sought damages from PWC for negligence leading to legal battles over PWC's liability and the jurisdiction of Bermuda courts to issue winding-up orders and require document production from PWC.