This action is brought on behalf of investors into three separate hedge funds against those that controlled the funds, the funds themselves and the auditors of those funds.
With each hedge fund, most of the funds assets ended up invested with Madoff and either lost completely or substantially impaired.
The hedge funds incude: (1) The Herald USA Fund. (2) The Herald Luxemburg Fund. (3) The Primeo Selct Fund. (4) The Primeo Executive Fund. (5) The Pioneer Alternative Fund. (6) The Pioneer Alternative Investments Fund. (7) The Thelma International Fund.
Bank Medici acted as an investment advisor for, or placed investors with, each of the funds. Medici is partially owned by Bank of Austria, which in turn is owned by Unicredit.
Ernst & Young was the independent auditor for some of the funds.
Investors in these seven funds are part of this proposed class as each fund invested either all of a large concentration of its assets with Madoff in violation of a host of duties each owed to the investors.
Name (Stock Symbol)
HSBC Holdings plc (HCS)
HSBC Holdings plc, together with its subsidiaries, provides various banking and financial services worldwide.
Ernst & Young
Ernst & Young is a professional services firm that performs, accounting, audit and consulting functions.
Herald USA Fund
Herald USA Fund is a hedge fund that concentrated its investment capital with Bernie Madoff.
Herald Luxemburg Fund
Herald Luxemburg Fund is a hedge fund that concentrated its investment capital with Bernie Madoff.
Primeo Executive Fund
Primeo Executive Fund is a hedge fund managed by Pioneer Investments Management Limited and its affiliates.
Pioneer Alternative Fund
Pioneer Alternative Fund is a hedge fund managed by Pioneer Global Asset Management S.p.A and its affiliates.
Pioneer Alternative Investments Fund
Pioneer Alternative Investments Fund is a hedge fund managed by Pioneer Global Asset Management S.p.A and its affiliates.
Bank Medici AG
Bank Medici AG is a bank headquartered in Vienna, Austria. Bank Austria is a large shareholder. Bank Medici is an asset manager and investment advisors. Bank Medici ceased operations after the Madoff scandal as it invested significant sums into Madoff related entities.
Bank Austria, a member of UniCredit Group, is a European bank, and operates primarily in Austria.
UniCredit S.p.A. is a european bank.
Primeo Select Fund
Primeo Select Fund is a hedge fund managed by Pioneer Investments Management Limited and its affiliates.
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