In re KINGATE MANAGEMENT LIMITED LITIGATION
| Criterium Capital Funds B.V., BBF Trust, Wall Street Securities, S.A., Banca Arner S.A. and Alvaro Castillo |
| Bernard L. Madoff, Kingate Management Limited, Tremont (Bermuda) Limited, FIM Advisers LLP, CITI Hedge Fund Service Ltd, Graham H. Cook, John E. Epps, Sandra Manzke, Charles Sebah, Keith R. Bish, Christopher Wetherhill, Michael G. Tannenbaum, Phillip A. Evans, Margaret Every, Shazieh Salahuddin, Johann Wong and Preston M. Davis |
| 1:2009cv05386 |
| June 10, 2009 |
| US District Court for the Southern District of New York |
| Foley Square Office |
| XX Out of State |
| Deborah A. Batts |
| Stockholders Suits |
| 28 U.S.C. ยง 1332 ss Diversity - Stockholders Suits |
| Plaintiff |
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Filing
236
OPINION re: 196 MOTION to Dismiss The Corrected Second Amended Consolidated Class Action Complaint. filed by Federico M. Ceretti, Michael G. Tannenbaum, Carlo Grosso, FIM (USA) Incorporated, Pricewaterhousecoopers Bermuda, Citi Hedge Fund Services Limited, Tremont (Bermuda) Limited, Tremont Group Holdings, Inc., FIM Limited, Sandra Manzke, Kingate Management Limited, FIM Advisers LLP. For the reasons stated above, Defendants Joint Motion to Dismiss is: GRANTED in sofar as it seeks dismissal based on SLUSA preclusion for Counts 1-4, 8, 14, 17, 20, 24 and 27, but DENIED as to SLUSA preclusion for all other Counts; DENIED insofar as Plaintiffs claims against KML Defendants, Manzke, and the FIM Defendants are no t timebarred; DENIED insofar as Defendant Citi Hedge challenges personal jurisdiction over it; DENIED as to Defendants request that the Court abstain from jurisdiction on comity grounds; GRANTED as to Plaintiffs standing to assert all claims; GRANT ED as to Counts 5, 9, 10, 13, 15, 18, 19, 22, 25, and 26 insofar as Plaintiffs have failed to state a claim for gross negligence, aiding and abetting breach of fiduciary duty, and third party breach of contract because such causes of action do not ex ist under BVI/Bermuda law; GRANTED as to Counts 6, 7, 16, 21, and 23 insofar as Plaintiffs have failed to state a claim for the negligence and breach of fiduciary duty claims because Plaintiffs have not alleged sufficiently a duty or breach of such d uty; and GRANTED as to Counts 11, 12, and 28 insofar as Plaintiffs have failed to state a claim for mutual mistake, constructive trust, and unjust enrichment because Plaintiffs have not alleged sufficiently that they were the payors of fees to the De fendants or that there was a total failure of consideration. Accordingly, Defendants' Motion to Dismiss is DENIED in part, GRANTED in part, and all of Plaintiffs' claims are DISMISSED. The Clerk of Court is directed to close the docket in this case. (Signed by Judge Deborah A. Batts on 9/21/2016) (cla)
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