Hogan Lovells Secures Eleventh Circuit Dismissal of Madoff-Related Case Against PwC Bermuda
01 September 2011
NEW YORK, 1 September 2011 – Hogan Lovells announced today that on 30 August 2011 the Eleventh Circuit Court of Appeals handed its client, PricewaterhouseCoopers Bermuda ("PwC Bermuda"), a significant victory by affirming last year's decision by the U.S. District Court for the Southern District of Florida, dismissing a case brought by foreign investors who had invested in feeder funds that in turn had invested with Bernard L. Madoff.
Madoff was running a Ponzi scheme, and plaintiffs-appellants sued PwC Bermuda and other defendants for the resulting loss of their investments. The district court had held that it lacked personal jurisdiction over several defendants, including PwC Bermuda, and further that the case ought to be dismissed on the basis of the doctrine of forum non conveniens. Concluding that plaintiffs-appellants had not carried their heavy burden to demonstrate that the district court had abused its discretion in dismissing the case on the basis of forum non conveniens, the Eleventh Circuit affirmed the Florida district court’s decision.
New York partners Dennis H. Tracey, III and Sandy Litvack, Miami partner Laura Besvinick, and New York Associate Lisa Fried handled the case.