PricewaterhouseCoopers LLP and Citco Group Limited—two litigation targets of investors whose money disappeared in Bernie Madoff’s Ponzi scheme—got half of what they were seeking in an appellate ruling handed down Thursday.
The U.S. Court of Appeals for the Second Circuit vacated a ruling that certified an investor class suing PwC and Citco over services they provided to Fairfield Greenwich Group, a manager of so-called feeder funds that funneled billions of dollars into Madoff’s fraudulent investment firm. But Citco, the funds’ administrator, and PwC, the funds’ auditor, had asked the Second Circuit to reverse Manhattan U.S. District Judge Victor Marrero’s class certification decision outright. In a seven-page summary order, the Second Circuit stopped short of a full reversal, instead tossing the certification order as to PwC and Citco and remanding the case for further proceedings before Marrero.
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