October 1, 2020

Primeo v HSBC: Cayman Court delivers Madoff judgment

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By Sarah Twohig William Fry From Lexology Cayman Islands September 4 2017 On 23 August 2017, the Grand Court of the Cayman Islands delivered a landmark judgment in Primeo Fund (in Official Liquidation) (Primeo) v Bank of Bermuda (Cayman Limited) and HSBC Securities Services (Luxembourg) SA (HSSL) (together the HSBC Defendants). In his judgment, Mr […]

Pearson v. Primeo Fund (Cayman Islands) [2017] UKPC 19

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From Ashfords LLP Cayman Islands July 25 2017 The Privy Council sitting as the final court of appeal for the Cayman Islands recently considered a case concerning prioritisation in a Liquidation between feeder hedge funds where the investment medium was redeemable shares. Background The appellant in this case was the Liquidator of Herald Fund SPC […]

UK’s Privy Council confirms Cayman Islands GC decision ‘redeemed’ Madoff investors are creditors

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By Helen Burggraf From International Investment In what has been called a decision “of significant interest to the fund industry”, the UK’s Privy Council has upheld a ruling by the Cayman Islands Grand Court which held that redeemed but unpaid investors in failed investment funds managed by Bernard Madoff’s company should be treated as creditors in […]

Madoff case ruling means some offshore funds protected

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From Offshore Bankers A ruling in a bankruptcy case in a federal court in New York involving fraudster Bernard Madoff and the Koch brothers, U.S. billionaires known for funding conservative causes, has put some offshore funds out of reach of trustees trying to recover funds. Judge Stuart Bernstein’s ruling, issued Monday, means Charles and David […]

Cayman Islands: More clarity on redemption rights for distressed funds

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By Robert Searle DEACONS From Lexology When Cayman Islands funds undergo liquidity stress on their balance sheet due to holding illiquid assets or irregular large redemption requests, directors of Cayman Islands funds generally consider mechanics to provide for an orderly restructure to meet redemption requests which arise. Common arrangements are to implement a “redemption gate” […]

John Harris joins Higgs & Johnson partnership in the Cayman Islands

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The Partners of Higgs & Johnson wish to announce that Mr. John M. Harris has been admitted into the partnership as at 1st January 2016. John, who joined the firm in 2010, specializes in commercial litigation with an emphasis on investment funds, insolvency and trusts disputes. Global Managing Director, Oscar N. Johnson, Jr. noted, “On […]