Hedge Fund Disputes: A Year in Review

Pages: 34 (11357 words) Published: June 22, 2013
FORENSIC

Forensic Accountant
Issue 35 Winter 2010
ADVISORY

Hedge fund disputes: a year in review
How good is expert determination as an alternative dispute resolution process? Television rights and the expert witness: a case study from Spain Tracing a company’s descent into bankruptcy and the role of the expert witness: a case study from Switzerland European legal landscape focus on Germany FATCA versus ‘fat cats’– How the US tax authorities plan to throw their weight at high-net worth Americans investing their wealth in overseas financial institutions The technology sector: still a prolific area for disputes

2 Forensic Accountant Issue 35 Winter 2010

Contents

3
Editorial
Jonathan Lovell

4
Hedge fund disputes: a year in review
Nicholas Good, Claire Stewart

8
How good is expert determination as an alternative dispute resolution process? Nick Andrews, Fernando Cuñado

11
Television rights and the expert witness: a case study from Spain Fernando Cuñado

13
Tracing a company’s descent into bankruptcy and the role of the expert witness: a case study from Switzerland Matthias Kiener, John Ederer

16
European legal landscape focus on Germany
Rüdiger Birkental, Damian Byrne

19
FATCA versus ‘fat cats’ – How the US tax authorities plan to throw their weight at high-net worth Americans investing their wealth in overseas financial institutions David Fidan, Laurie Hatten-Boyd, Franziska Zuber

22
The technology sector: still a prolific area for disputes
David Eastwood, Glyn Jones
The views and opinions expressed herein are those of the authors and do not necessarily represent the views and opinions of KPMG LLP (UK) © 2010 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.

Forensic Accountant  Issue 35 Winter 2010

Editorial
Welcome to the winter 2010 edition of Forensic Accountant, KPMG’s magazine exploring some of the key issues currently impacting the litigation and dispute resolution landscape. As we move out of the global recession and into a period of recovery, reflection and re­ evaluation of business models, the legal landscape around much of the world is likely to shift to mirror what is happening in the corporate sector. Many organisations, individuals and groups will feel that they finally have a degree of comfort and time to consider how their operations have been impacted by the seismic events of the last 18 months or so, and what if any legal recourse is open to them where they feel they have suffered by the action or inaction of others. One area where this may have already begun is within the hedge fund market. Funds have collapsed or run into trouble since the onset of the financial crisis, and now investors have been moving to claim against both funds and their managers. The intricacies of the funds in question and the difficulties in ‘unpicking’ them to discover both liability and quantum – not to mention the sums of money involved – means that these can be complex and long-running. Our lead article explores some issues that have already arisen. Continuing our sector focus, the hi-tech industry is one which has historically been quite litigious. The turbulence in the global economy is only likely to exacerbate this. Two of our sector experts explore what causes technology companies to sue each other, and why technology itself is often at the heart of legal action. It has long been recognised that many high net-worth investors move their wealth out of their national financial markets into other jurisdictions for tax purposes. A multinational KPMG team of forensic and tax experts explore what US legislators and agencies are doing to try to counter this trend amongst their own citizens. In our next edition, we will explore this particular issue from a UK perspective. The popularity of...

Bibliography: In the next edition of Forensic Accountant we will explore this issue from a UK perspective
Foreign Account Tax Compliance Act of 2009 (FATCA 2009), 111th Cong., 1st Sess
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