Bernstein Liebhard LLP filed a class action lawsuit on July 22, 2009 in the United States District Court for the Southern District of New York on behalf of all persons (the “Class”) who purchased shares in the Kingate Global Fund and/or Kingate Euro Fund from inception through December 10, 2008 (the “Class Period”). The complaint, captioned Andorra Banc Agricol Reig SA v. Kingate Management, Ltd., et al. (09-CV-6522), seeks billions of dollars in damages on behalf of the Class.
In addition to Kingate Management, Ltd., the defendants named in the complaint include: FIM Limited, FIM Advisers LLP, FIM (USA), Inc., Citi Hedge Fund Services Ltd., Pricewaterhouse Coopers, Pricewaterhouse Coopers Bermuda, Graham H. Cook, John E. Epps, Sandra Manzke, Charles Sebah, Keith R. Bish, Christopher Wetherhill, Michael G. Tannenbaum, Phillip A. Evans, Margaret Every, Shazieh Salahuddin, Federico Ceretti, and Carlo Grosso.
The complaint alleges that during the Class Period, the defendants made false and misleading statements in the Funds’ information memoranda, performance updates, audit reports, and other documents concerning, among other things, the due diligence and monitoring of the Funds’ investment adviser, Bernard L. Madoff (“Madoff”). The complaint also alleges that during the Class Period, the defendants violated state and common law by, among other things, investing all of the Funds’ assets with Madoff and Bernard L. Madoff Investment Securities LLC without conducting due diligence, or, if one was conducted, a reasonable and adequate one.
Bernstein Liebhard LLP has pursued hundreds of securities and consumer cases and recovered approximately $2 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last six years.
You can view a copy of the complaint online here, or obtain it from the court.