Joint Liquidators of Kingate Funds Announce Settlement with Madoff Trustee Irving Picard

The Joint Liquidators of Kingate Global Fund, Ltd. and Kingate Euro Fund, Ltd. (the "Kingate Funds") today announced a global settlement with Irving H. Picard, as trustee for the liquidation of Bernard L. Madoff Investment Securities LLC ("BLMIS").

Upon consummation of the settlement agreement, which requires Court approval in New York, the British Virgin Islands, and Bermuda, the parties have agreed to a mutual release of all claims.

"We are extremely pleased to consensually resolve these matters with Mr. Picard whose efforts to recover funds for the benefit of the many customers who were victimised by Mr. Madoff during his unprecedented fraud are well publicised and are to be applauded," said Paul Pretlove, one of the Joint Liquidators of the Kingate Funds alongside Tammy Fu and John C. McKenna.  "Through this settlement, investors in the Kingate Funds—who are themselves Madoff victims—will now be able to share in those recoveries.  This settlement makes hundreds of millions of dollars available to directly compensate investors in the Kingate Funds for their losses. This is a monumental development in the liquidations of the Kingate Funds that will bring an end to over a decade of litigation, will prevent further significant costs being incurred that are associated with proceeding towards trial and accelerates the process for compensation of the investors in the Kingate Funds."

The Kingate Funds invested approximately $1.7 billion with BLMIS over a 14-year period. Following the arrest of Mr. Madoff and the commencement of liquidation proceedings of BLMIS, the Kingate Funds also went into liquidation in the British Virgin Islands.

John C. McKenna of Finance & Risk Services, Paul Pretlove and Tammy Fu of Kalo as the Joint Liquidators of the Kingate Funds would like to thank their team which assisted and supported them during the mediation process to achieve the settlement led by Gary S. Lee, John A. Pintarelli and Erica J. Richards of Morrison & Foerster LLP (Mediation Counsel), Robert Loigman, Rex Lee and Lindsay Weber of Quinn Emanuel Urquhart & Sullivan, LLP (Litigation Counsel), Nicholas Fox, Eleanor Morgan and Catriona Hunter of Mourant (BVI Counsel), Jeremy Scott of Lipman Karas (London Counsel), Allan Dunkle of Finance & Risk Services and Anna Silver and Iain Gow of Kalo.

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Media enquiries: Tom Becker at Sitrick and Company - tom_becker@sitrick.com