KRyS Global was appointed as liquidators over Fairfield, a BVI based fund, which had invested in the Bernard Madoff Ponzi scheme and suffered a net loss of $6 billion.
At the time of KRyS Global’s appointment, the fund was the subject of litigation by the US Chapter 11 bankruptcy trustee for Bernard L. Madoff Investment Securities and had no unencumbered assets. Initial inquiries determined that for any assets to be distributed to investors, a litigation driven strategy would need to be pursued.
KRyS Global collected over one million documents from various sources, including Fairfield’s former directors, administrators, auditors, custodian and investment manager. These documents needed to be held in a secure manner and made available to certain parties, located in various jurisdictions around the world.
KRyS Global’s forensic technology team, utilising the Relativity platform, provided a litigation database which could be accessed worldwide.
The platform enabled KRyS Global to perform detailed analysis of the documents, through the use of keyword searches and reporting functions.
KRyS Global and its legal counsel were able to access the same documents from various jurisdictions, whilst ensuring the documents were maintained in a secure environment.
“Ferret” was able to provide data hosting services at a lower price than other service providers.
Additionally, having the expertise “in-house” to upload, analyse, and search the documents meant improved efficiency and lower overall costs.