Court throws out Madoff investors’ case against PwC Bermuda
A US judge has dismissed claims brought against PricewaterhouseCoopers Bermuda (PwC Bermuda) and others by foreign investors who had invested in funds that in turn had invested with convicted fraudster Bernard Madoff.The case was thrown out by Judge Richard Berman of the US District Court for the Southern District of New York on Tuesday.Plaintiffs Neville Seymour Davis, Repex Ventures SA and Dr Shmel Cabilly, all representatives for a number of foreign investors, had sued PwC Bermuda and more than 60 other defendants over losses they suffered as the result of Madoff’s Ponzi scheme.The funds which they were invested in included the Thema International Fund plc, Herald Fund SPC-Herald USA Segregated Portfolio One and Herald US Absolute Return Fund, and the Primeo Select Fund and Primeo Execution Fund.Concluding that the case did not belong in a US court, Judge Berman dismissed the claims against most of the defendants on the basis of the doctrine of forum non conveniens.Hogan Lovells’ New York partners Dennis Tracey and Sandy Litvack and associate Lisa Fried handled the case.In September 2011, Hogan Lovells secured a separate victory for PwC Bermuda in a case before the 11th Circuit Court of Appeals, which affirmed a lower court’s 2010 decision dismissing a feeder fund action brought against PwC Bermuda and other defendants.The district court in that case had found that it lacked jurisdiction over PwC Bermuda and certain other defendants and dismissed the action on the basis of the doctrine of forum non conveniens.PwC Bermuda did not respond to a request for comment by press time.