NEW YORK, May 28, 2010 (GLOBE NEWSWIRE) -- Boies, Schiller & Flexner LLP, Cohen Milstein Sellers & Toll PLLC, and Labaton Sucharow LLP filed a an amended consolidated class action complaint on May 18, 2010 in the United States District Court for the Southern District of New York. The lawsuit has been filed on behalf of investors in Kingate Global Fund, Ltd. ("Kingate Global") and Kingate Euro Fund, Ltd. ("Kingate Euro," collectively with Kingate Global, "the Funds") between June 11, 2004 and December 10, 2008, inclusive (the "Class Period"), which channeled billions of dollars into the fraudulent operations of Bernard L. Madoff ("Madoff").
The complaint names Kingate Management Limited, Tremont (Bermuda) Limited, Tremont Group Holdings, Inc., FIM Advisers LLP, FIM Limited, FIM (USA) Incorporated, Carlo Grosso, Federico M. Ceretti, Graham H. Cook, John E. Epps, Sandra Manzke, Charles D. Sebah, Keith R. Bish, Christopher Wetherhill, Michael G. Tannenbaum, PricewaterhouseCoopers Bermuda, PricewaterhouseCoopers LLP, and Citi Hedge Fund Services Ltd. (collectively, "Defendants").
As the public learned on December 11, 2008, Madoff and his investment firm Bernard L. Madoff Investment Securities LLC ("BMIS") controlled billions of dollars in investments which purportedly earned stable returns. In truth, these returns were entirely fictitious and part of the largest Ponzi scheme in history. Investors lost an estimated $64.8 billion based upon the reported value of thousands of BMIS client accounts as of November 30, 2008. Although Madoff operated the Ponzi scheme, Defendants solicited investments and oversaw, controlled, and managed those investments. The complaint alleges that during the Class Period, Defendants violated the Securities Exchange Act of 1934, inter alia, by representing that they would conduct due diligence, choose investment advisers, monitor the performance of the chosen investment advisers, and provide investors with independently verified and calculated statements of their investments. Instead, Defendants simply turned over all assets to Madoff without conducting any meaningful due diligence or independently verifying any of Madoff's purported trading and profits. The Funds had billions of dollars in assets, substantially all of which were invested with Madoff, and all of which are now lost.
If you are a member of this class you can view a copy of the complaint and get more information at www.cohenmilstein.com/cases/235/kingate or www.labaton.com/en/cases/Kingate.cfm. ;
If you invested in the Funds during the Class Period, you may move to serve as Lead Plaintiff. Lead Plaintiff motion papers must be filed with the United States District Court for the Southern District of New York no later than July 27, 2010. A lead plaintiff is a court-appointed representative for absent Class members. You do not need to seek appointment as lead plaintiff to share in any Class recovery in this action. If you are a class member and there is a recovery for the class, you can share in that recovery as an absent Class member. You may retain counsel of your choice to represent you in this action.
If you would like to consider serving as lead plaintiff or have any questions about the lawsuit, you may contact one of our representatives or Michael Woolley of Labaton Sucharow, at 800-321-0476 or (212) 907-0747, or via email at mwoolley@labaton.com.