A Manhattan judge has rebuffed an attempt by the liquidators of an “imploded” Cayman Islands hedge fund to seek $292 million from its allegedly negligent accountants.
The liquidators of Beacon Hill Master, which collapsed in 2002, were appointed by a Cayman Islands court to pursue claims on behalf of the fund. But in Bullmore v. Ernst & Young Cayman Islands, 104314/05, New York Supreme Court Justice Charles E. Ramos held that the liquidators were barred from bringing claims against the fund’s auditor, Ernst & Young Cayman Islands, because the wrongful conduct of the fund’s investment managers “is imputable” to the fund itself.
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