Tue, May 26, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Eastern Caribbean Court dismisses Fairfield's BVI appeals

Friday, June 15, 2012

Bailey McCann, Opalesque, New York: There is an important new ruling emerging from offshore courts as part of the sweeping Bernie Madoff fraud case. The Eastern Caribbean Court of Appeal has dismissed Fairfield Sentry Limited's appeals and upheld two previous judgments of the BVI Commercial Court. According to a news alert from offshore law firm, Harney Westwood & Riegels the court found that the restitution claims, brought on the basis of an alleged mistake as to the value of Bernard L Madoff Investment Securities, did not render the contracts between Fairfield and the redeeming shareholder impossible to perform. 

The court also dismissed one count brought by the defendants. Fairfield was one of the main feeder funds which invested in Bernard L. Madoff Investment Securities Limited. Additional filings against Madoff went forward this week as well, according to a Reuters account, Irving Picard, the trustee for Madoff's victims, filed hundreds of claims, in New York seeking to clawback investor funds.

Picard filed cases against mostly European banks, the filings are notable in that they were placed just before the statue of limitations runs out for potential defendants in the bankruptcy case. In the offshore cases, Phillip Kite, the head of litigation for Harneys on those cases no......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Comment - Top hedge fund managers talk about how easy their jobs have gotten, BlackRock to Schroders warn of Argentina’s $20bn bond glut, The 35-year “investment supercycle” is drawing to a close, says Bill Gross, Gundlach: When the Fed starts hiking rates, 'GET OUT' of this asset class[more]

    Top hedge fund managers talk about how easy their jobs have gotten From Businessinsider.com.au: Time was, before the financial crisis hit, corporate boards treated multi-billion dollar hedge fund managers like Jehovah’s Witnesses pounding on their doors and flashing bibles. But no more.

  2. T Rowe's challenge to Dell deal may fuel critics of 'appraisal'[more]

    From Reuters.com: An increasingly popular tactic used by hedge funds and others to extract more money from buyouts could soon face a major courtroom test when a big investor in Dell Inc may argue that it should be paid a higher price for the 2013 acquisition of the PC maker. The strategy, known as "

  3. News Briefs - Ergen says LightSquared plan unfairly favors hedge funds, Why hedge fund managers make good advisory clients, I learned a lot about dad-bros after spending 4 days in Vegas with 2,000 hedge funders[more]

    Ergen says LightSquared plan unfairly favors hedge funds LightSquared Inc.’s bankruptcy plan gives hedge funds that invested in the broadband company a leg up while blocking telecommunications firms from competing with it, a fund owned by Dish Network Corp. Chairman Charles Ergen said in

  4. Opalesque Exclusive: SEC approves proposed changes to Form ADV, '40 Act - comment period to follow[more]

    Bailey McCann, Opalesque New York: Hedge funds and providers of liquid alternatives will want to pay close attention to proposed reforms approved by the SEC yesterday. The changes will require more frequent reporting, as well as a closer look into social media, liquid alternative strategies, and

  5. Opalesque Exclusive: Ovation Partners targets opportunities where few "natural lenders" participate[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Changes in financial regulations post-2008 (Dodd-Frank and Basel III) are forcing banks to significantly alter their core lending businesses. And as mid-sized

 

banner