NEW YORK, June 15, 2009 (GLOBE NEWSWIRE) -- Labaton Sucharow LLP filed a class action lawsuit on June 12, 2009 in the United States District Court for the Southern District of New York, on behalf of all persons who continued to have an investment in the Kingate Global Fund Ltd. fund on December 10, 2008. The putative Class seeks a recovery of billions of dollars in damages.
The complaint's principal allegation is that Defendants were negligent and reckless in investing substantially all of the assets of the Kingate Global Fund Ltd. with Bernard L. Madoff ("Madoff") and Bernard L. Madoff Investment Securities LLC ("BMIS") without conducting reasonable and adequate due diligence.
The Defendants include: (i) Kingate Management Ltd.; (ii) FIM Ltd.; (iii) FIM Advisers LLP; (iv) FIM (USA) Inc.; (v) PricewaterhouseCoopers; (vi) PricewaterhouseCoopers Bermuda; (vii) Citi Hedge Fund Services, Ltd.; (viii) Bank Of Bermuda Ltd.; (ix) Graham H. Cook; (x) Federico M. Ceretti; (xi) John E. Epps; (xii) Carlo Grosso; (xiii) Michael G. Tannenbaum; and (xiv) Christopher Wetherhill.
If you were invested in the Kingate Global Fund Ltd. fund as of December 10, 2008 you may qualify to join the class. If you would like more information or have any questions about the lawsuit, please contact Javier Bleichmar at 212-907-0887.
You can view a copy of the complaint online at http://www.labaton.com or obtain it from the Court.