Kingate Global and Kingate Euro Investors Class Action Lawsuit

June 11, 2009 - PRLog -- Angry investors with Kingate Management Ltd. have filed a proposed class action lawsuit in U.S. District Court in Manhattan on Tuesday against Kingate Management Ltd. and its directors on behalf of investors in the Kingate Global and Kingate Euro over alleged $3.5 billion losses in connection to the $65billion ponzi scheme by Bernard Madoff.

If you are an investor (US/Non-US) with Kingate Management Ltd. in Kingate Global Fund Ltd. and/or Kingate Euro Fund Ltd.and suffered losses in connection to the Ponzi scheme by Bernard Madoff, you have certain options and you should contact the Shareholders Foundation, Inc immediately at:

Email: mail@shareholdersfoundation.com

Or call us at: +1 (858) 779 - 1554

According to the complaint the plaintiff alleges that Kingate Management Ltd. and its directors made negligent misrepresentations to them and breached its duty. The plaintiffs are seeking to recover losses for investors in the Kingate Global Fund Ltd. and Kingate Euro Fund Ltd, which were set up by Italian Carlo Grosso.  The lawsuit names fund manager Kingate Management Ltd.; Grosso's FIM Advisers LLP, which acted as a consultant to the funds; and others as defendants. The plaintiff alleges that the ”Defendants in fact did not properly vet or monitor Madoff and, instead, falsely reported steadily increasing account values to plaintiffs while paying themselves hundreds of millions of dollars in fees”. According to the complaint Kingate Management Ltd, FIM Advisers LLP and others ignored "red flags" that Madoff was operating a Ponzi scheme. "Reportedly, over $3 billion was invested in Kingate Global and Kingate Euro, and virtually all of those moneys were funneled to Madoff," the lawsuit said. The lawsuit makes claims of fraud against Madoff and claims of breach of fiduciary duty, negligent misrepresentations and unjust enrichment against all the defendants. In April, the trustee appointed to liquidate Madoff Securities sued the two Kingate funds in U.S. Bankruptcy Court in New York seeking the return of $255 million transferred to the firm’s funds between October and November 2008 before Madoff’s collapse.

If you are an investor (US/Non-US) with Kingate Management Ltd. in Kingate Global Fund Ltd. and/or Kingate Euro Fund Ltd.and suffered losses in connection to the Ponzi scheme by Bernard Madoff, you have certain options and you should contact the Shareholders Foundation, Inc immediately at:

Email: mail@shareholdersfoundation.com

Or call us at: +1 (858) 779 - 1554

Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
_____________________________________________________________________________________

# # #

Advertising. The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Any statements made in press releases, emails or over the phone by any member or personnel employed by Shareholders Foundation, Inc. or by third parties related to the Shareholders Foundation, Inc. is provided for research and guidance purposes only and are not legal advices. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.