31 C
Willemstad
• maandag 26 september 2022

DKR | Knipselkrant Curaçao plat door cyberaanvallen

Dossier Koninkrijksrelaties Willemstad – Aanhoudende cyberaanvallen hebben de Knipselkrant Curaçao platgelegd. Het is de redactie al een week lang niet gelukt nieuwe berichten te plaatsen. De site is...

Democracy now! | Thursday, July 28, 2022

Democracy Now! is a national, daily, independent, award-winning news program hosted by journalists Amy Goodman and Juan Gonzalez. Democracy Now!’s War and Peace Report provides our audience...

Extra | Journaal 28 juli 2022

Elke werkdag het laatste nieuws van Extra, nu ook in het Nederlands. Bron: Extra
- Advertentie -

DH | Wuite reminds The Hague to include Caribbean Netherlands

THE HAGUE--Member of the Second Chamber of the Dutch Parliament Jorien Wuite of the Democratic Party D66 on Thursday reminded the Dutch government of the fact that...

Democracy now! | Wednesday, July 27, 2022

Democracy Now! is a national, daily, independent, award-winning news program hosted by journalists Amy Goodman and Juan Gonzalez. Democracy Now!’s War and Peace Report provides our audience...

Extra | Journaal 27 juli 2022

Elke werkdag het laatste nieuws van Extra, nu ook in het Nederlands. Bron: Extra

DH | Jacobs: Secret audio recordings create a dangerous precedent

PHILIPSBURG--Prime Minister Silveria Jacobs (National Alliance) does not condemn the threats made by Minister of Public Housing, Environment, Spatial Development and Infrastructure VROMI Egbert Doran (National Alliance)...

Reuters | PwC in $55 million settlement with Madoff feeder fund investors

Jonathan Stempel

Disgraced financier Bernard Madoff is escorted by police and photographed by the media as he departs U.S. Federal Court after a hearing in New York, January 5, 2009. REUTERS/Lucas Jackson

NEW YORK (Reuters) – PricewaterhouseCoopers agreed to pay $55 million to settle claims it failed to audit properly the books of Fairfield Greenwich Group, the biggest operator of “feeder funds” for now-imprisoned swindler Bernard Madoff, court papers showed.

The all-cash settlement with Fairfield Greenwich investors was disclosed on Wednesday night in filings with the Manhattan federal court. PwC denied wrongdoing in agreeing to settle.

According to court papers, Fairfield Greenwich investors suffered big losses on the more than $7 billion of their money that was sent to Bernard L. Madoff Investment Securities LLC, the epicenter of Madoff’s Ponzi scheme.

Investors accused PwC of failing to exercise reasonable care and acting negligently in auditing the financial statements of the Fairfield Sentry, Fairfield Sigma, Fairfield Lambda and Greenwich Sentry funds from 2002 to 2007.

The accord resolved claims against PricewaterhouseCoopers LLP in Canada, PricewaterhouseCoopers Accountants NV in the Netherlands and PricewaterhouseCoopers International Ltd.

“We believe strongly that our audit work complied with professional standards, but we pursued a settlement to avoid the uncertainties and unrecoverable legal costs of a lengthy jury trial,” PwC Canada said in a statement on Thursday. “At no time was Madoff a firm client.”

The accord requires approval by U.S. District Judge Victor Marrero in Manhattan, and would end seven years of litigation.

Prior settlements on the investors’ behalf included a $125 million accord with hedge fund administrator Citco Group, and an $80.3 million accord with Fairfield Greenwich.

David Barrett and Stuart Singer, who are partners at Boies, Schiller & Flexner representing the investors, in a statement on Thursday called the resolution “an exceptional result.”

Fairfield Greenwich investors are also represented by the law firms Wolf Popper and Lovell Stewart Halebian Jacobson.

The law firms plan to seek legal fees of up to $16.5 million, or 30 percent of the settlement fund, plus up to $2.5 million for expenses, court papers showed.

Madoff, 77, is serving a 150-year prison term. He pleaded guilty to fraud in March 2009, three months after his scheme was uncovered and he was arrested. The Fairfield Greenwich litigation began one week after his arrest.

The case is Anwar et al v. Fairfield Greenwich Ltd et al, U.S. District Court, Southern District of New York, No. 09-00118.

Bron: Reuters

Artikel delen

Geef een reactie

Vul alstublieft uw commentaar in!
Vul hier uw naam in

Lees ook

Hoofdrolspelers wanbestuur bij SLM mogen Suriname niet meer uit

De Nederlandse directeur van de Surinaamse Luchtvaart Maatschappij, SLM, Paul de Haan, en een belangrijke ex-adviseur van president Chan Santokhi, Prenobe Bissessur, hebben in Suriname een uitreisverbod opgelegd gekregen.

Zoeken

- Advertentie -

Nieuwe reacties

- Advertentie -