According to a story published in the Bermuda Sun, qualified investors from New York, the Isle of Man and Bermuda sank over $27m into the SR Global International Fund LP.
But in a suit filed by Anglo American Security Fund, Sterling Grace Capital Management, and the Lorraine and Oliver Grace Trusts the group claims that E&Y failed to inform them in good time that SR had secretly withdrawn nearly all the funds.
The lack of action resulted in investors lacking the information needed to make a decision on whether or not to withdraw funds in the account.
An E&Y spokesman told the paper that the firm had not yet seen the lawsuit, but that ‘we believe the case has no merit and we will defend ourselves accordingly’.
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