Sun, Aug 30, 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. Commodities - Commodity hedge funds lose most in three years as rout deepens, Funds bet on Shell deal as oil prices plunge[more]

    Commodity hedge funds lose most in three years as rout deepens From Bloomberg.com: Hedge funds betting on commodities lost the most in almost three years in July as the price-rout deepened. Funds lost money for a third month, according to the Newedge Commodity Trading Index, which was re

  2. Investing - Hedge funds suddenly find real money is back in Argentina's debt, Elon Musk buys more SolarCity stock following hedge fund manager short, BlackRock plans to get into rental-home financing[more]

    Hedge funds suddenly find real money is back in Argentina's debt From Bloomberg.com: The real money is back in Argentina. Before the country’s default in July 2014 (its second in 13 years), most long-term investors abandoned its bond market. As they rushed out, Argentina became a favorit

  3. Activist News - Carl Icahn has snapped up a huge stake in Freeport-McMoRan, and the stock is ripping, Meet Europe's best activist investor[more]

    Carl Icahn has snapped up a huge stake in Freeport-McMoRan, and the stock is ripping From Businessinsider.com: Carl Icahn has picked his next target: Freeport-McMoRan. Icahn and a group of other investors have snapped up an 8.46% stake in mining company Freeport-McMoRan, according to a j

  4. North America - Hedge fund manager Ray Dalio’s challenge to the Fed[more]

    From Newyorker.com: For some reason, Janet Yellen, the chair of the Federal Reserve, decided to skip this year’s annual Fed conference in Jackson Hole, where monetary policymakers from the United States and abroad get together with some prominent academics to discuss the big issues of the moment. Th

  5. JTC acquires Kleinwort Benson’s fund administration business[more]

    Bailey McCann, Opalesque New York: JTC has completed the acquisition of Kleinwort Benson’s fund administration business, boosting assets under administration (AuA) to $56 billion. Kleinwort Benson is based in the Channel Islands, South Africa. The transaction, which relates to the whole of K

 

banner