Scott Lennon

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Bear Stearns High-Grade Structured Credit Strategies (Overseas) Ltd. et al v. The Bear Stearns Companies et al: Ex Parte Originating Summons

August 16, 2012
Ex Parte Originating Summons in Geoffrey Varga and William Cleghorn, as Joint Official Liquidators of Bear Stearns High-Grade Structured Credit Strategies (Overseas) Ltd. and Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage (Overseas) Ltd. v. The Bear Stearns Companies, Inc., Bear Stearns Asset Management Inc., Bear Stearns & Co., Inc., Ralph Cioffi, Matthew Tannin, Raymond McGarrigal, Barry Joseph Cohen, Gerald R. Cummins, David Sandelovsky and Greg Quental and, separately, the same liquidators v. Deloitte & Touche, LLP, Deloitte & Touche (Cayman Islands), Walkers Fund Services Limited, Walkers SPV Limited, Scott Lennon and Michelle Wilson-Clarke at the Grand Court of the Cayman Islands.

Bear Stearns High-Grade Structured Credit Strategies (Overseas) Ltd. et al v. The Bear Stearns Companies, Inc. et al: Ex Parte Originating Summons

August 16, 2012
Ex Parte Originating Summons in Geoffrey Varga and William Cleghorn, as Joint Official Liquidators of Bear Stearns High-Grade Structured Credit Strategies (Overseas) Ltd. and Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage (Overseas) Ltd. v. The Bear Stearns Companies, Inc., Bear Stearns Asset Management Inc., Bear Stearns & Co., Inc., Ralph Cioffi, Matthew Tannin, Raymond McGarrigal, Barry Joseph Cohen, Gerald R. Cummins, David Sandelovsky and Greg Quental and, separately, the same liquidators v. Deloitte & Touche, LLP, Deloitte & Touche (Cayman Islands), Walkers Fund Services Limited, Walkers SPV Limited, Scott Lennon and Michelle Wilson-Clarke at the Grand Court of the Cayman Islands.

Liquidators of Bear Stearns High-Grade Structured Credit Strategies (Overseas) Ltd. et al v. Deloitte & Touche, LLP et al: Amended Complaint

July 26, 2010
Amended Complaint filed by Geoffrey Varga and William Cleghorn, as  Liquidators of Bear Stearns High-Grade Structured Credit Strategies (Overseas) Ltd. and Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage (Overseas) Ltd. against Deloitte & Touche, LLP, Deloitte & Touche Cayman Islands, Michelle Wilson-Clarke, Scott Lennon, Walkers SPV Limited, and Walkers Fund Services Limited at the U. S. District Court for the Southern District of New York.

In the Matter of Bear Stearns Investment Products Inc.

February 20, 2009
Statement of Claim filed by the Joint Official Liquidators of Bear Stearns High Grade Structured Credit Strategies Master Fund Limited in a case styled 'In the Matter of Bear Stearns Investment Products Inc.' at the Grand Court of the Cayman Islands.

Cayman fund administrator and officers sued again over collapse of Bear Stearns funds

September 16, 2008
Cayman Islands-based Walkers Fund Services Ltd. and two of its officers are being sued for a second time regarding their involvement with hedge funds sponsored by New York-based investment bank Bear Stearns that collapsed last year with a total loss estimated at over $1 billion after investing in mortgage-backed securities.

New liquidators of Bear Stearns funds sue Cayman service providers, seek $1.5 b

August 4, 2008
Four individuals and companies in the Cayman Islands have been added as defendants to a civil complaint in the United States in which the liquidators of two Bear Stearns-sponsored offshore hedge funds are trying to recover $1.5 billion. Walkers Fund Services Limited, two of its officers, Canadian national Scott Lennon, and U. S. national Michelle Wilson-Clarke, and Deloitte & Touche (Cayman) have been accused of participating in a scheme to defraud investors in the funds and then cover it up. They were added as defendants in an amended complaint that was filed at the U. S. District Court for the Southern District of New York on June 30, 2008, amending an original complaint that was filed on April 4, 2008. The causes of action against the Walkers defendants are aiding and abetting fraud, breach of fiduciary duty, and aiding and abetting breach of fiduciary duty and, against Deloitte and Touche (Cayman), violations of the Securities Exchange Act, fraud; professional malpractice, gross negligence and negligence; breach of contract, aiding and abetting fraud, and aiding and abetting breach of fiduciary duty.

Cayman judge removes Bear Stearns fund liquidators, criticizes Walkers SPV director

March 10, 2008
Investors in two Bear Stearns-operated offshore hedge funds which have a combined insolvency estimated at more than $550 million have won a legal battle in the Cayman Islands to name their own liquidators. In a verbal opinion rendered on February 22, 2008 at the Grand Court of the Cayman Islands, Chief Justice Anthony Smellie ordered the removal of Simon Whicker and Kris Beighton, of KPMG, as Joint Voluntary Liquidators of Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage (Overseas) Ltd. and Bear Stearns High-Grade Structured Credit Strategies (Overseas) Ltd.

Cayman directors of Bear Stearns funds reject Massachusetts regulator’s subpoenas

January 4, 2008
Two senior officers of a Cayman Islands mutual fund administrator have refused to comply with subpoenas requiring them to provide evidence in the United States about two failed offshore funds operated by Bear Stearns. Scott Lennon and Michelle Wilson-Clarke, each a Senior Vice President at Walkers Fund Services Limited, were subpoenaed by the Enforcement Section of the Securities Division of the Massachusetts Secretary of State for an investigation into Bear Stearns High-Grade Structured Credit Strategies Master Fund Ltd. and Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Master Fund Ltd., of which they were directors and which collapsed in July, 2007, wiping out $1.6 billion in investor capital.