Thu, Dec 18, 2014
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. Investing - Big hedge funds win again on PetSmart, Riverbed, RBS sells real estate loans to hedge fund Cerberus, Talisman energy speculation: Which hedge funds could benefit?[more]

    Big hedge funds win again on PetSmart, Riverbed From CNBC.com: Another week, another set of wins for activist investors. On Sunday, pet supply retailer PetSmart agreed to the largest leveraged buyout of the year at $8.7 billion. Hedge fund firm JANA Partners had been pushing for a sale a

  2. Outlook - Hedge fund manager who remembers 1998 rout says prepare for pain, Bond guru Bill Gross predicts U.S. economic growth to dip to 2%[more]

    Hedge fund manager who remembers 1998 rout says prepare for pain From Bloomberg.com: Stephen Jen landed in Hong Kong in early January 1997 as Morgan Stanley’s newly minted exchange-rate strategist for Asia. He was soon working around the clock when investors began targeting the region’s

  3. Opalesque Exclusive: U.S. legal receivables fund launched in August[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Investing in asset-backed receivables is a strategy that has been an integral part of the alternative investment space within the overall fixed income asset c

  4. Comment - High fees and low performance hit hedge funds[more]

    From FT.com: Disenchantment over high fees and lackluster performance may finally be turning the tide against hedge funds, fresh data suggest. Despite generally weak returns since the global financial crisis, hedge funds have enjoyed positive net inflows every year since 2010. This helped assets und

  5. Performance - Lansdowne, Man Group, other hedge funds profit from shorts in oil, Turmoil boosts hedge funds that bet against Russia, oil, CTAs post strongest returns since December 2010[more]

    Lansdowne, Man Group, other hedge funds profit from shorts in oil From Valuewalk.com: The rising short interest in oil companies implies that the worst for oil is yet to come. Data from Markit shows that short exposure in energy sector of S&P 500 is still looming close to the highest mar