9,10 October 2014
START DATE
END DATE
4-Nov-14
Kingate Global Fund Ltd (In Liquidation) and Kingate Euro Fund Ltd (In Liquidation) v PricewaterhouseCoopers (A Firm)
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
The Supreme Court of Bermuda Civil Jurisdiction Commercial Court
Commercial Court
Hellman J
Mr Delroy Duncan and Ms Nicole Tovey Trott & Duncan Limited
Mr John Riihiluoma and Mr Martin Ouwehand Appleby (Bermuda) Limited
FACTS OF THE CASE:
summary of The Plaintiffs acting as feeder funds to Bernard L Madoff Investment Securities LLC collapsed following the discovery of Madoff's Ponzi scheme. The Defendant audited the Plaintiffs and allegedly failed to detect the fraud.
SUMMARY:
Allegations against the Defendant for breach of contract negligence negligent misstatement and wilful misconduct seeking damages for the funds transferred to Madoff Securities and not recovered.
OUTCOMES:
Defendant's application to strike out the statement of claim was not pursued; instead an order for further and better particulars was sought. The court directed the Plaintiffs to amend their statement of claim accordingly.
RULED IN FAVOUR OF:
Ruling focused on procedural aspects directing amendment of the claim
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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Kingate Global Fund Ltd (In Liquidation) and Kingate Euro Fund Ltd (In Liquidation) v PricewaterhouseCoopers (A Firm)
summary of The Plaintiffs acting as feeder funds to Bernard L Madoff Investment Securities LLC collapsed following the discovery of Madoff's Ponzi scheme. The Defendant audited the Plaintiffs and allegedly failed to detect the fraud.