Dismissal of Federal Securities and Common Law Claims Against Our Client

In September 2011, a judge of the US District Court for the Southern District of New York dismissed with prejudice federal securities and common law claims against our client arising out of the massive fraud perpetrated by Bernard Madoff. The plaintiffs alleged that our client’s entities, which had audited several funds that invested with Madoff before his confession, failed to comply with GAAP and GAAS by failing to detect Madoff's Ponzi scheme.