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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......................

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