Primeo v HSBC: Cayman Islands Grand Court dismisses US$2 billion claim by Madoff feeder fund
By Marc Yates From Ogier In a recent landmark judgment of the Cayman Islands Grand Court in the case ofPrimeo Fund (in Official Liquidation) (Primeo) v Bank of Bermuda (Cayman) Ltd (BBCL)and HSBC Securities Services (Luxembourg) S.A (HSSL), Mr Justice…
Primeo v HSBC: Cayman Court delivers Madoff judgment
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)…
Cayman Islands-based Bernie Madoff feeder fund author of own demise
By Kirsten Hastings From International Adviser After a 12-week trial, liquidated Cayman Islands investment fund Primeo, which invested with infamous Ponzi scheme Bernard L Madoff Investment Securities (BLMIS), was found to be “to a very substantial degree the author of…
Herald -v- Primeo: How can Cayman Islands liquidators restate a fund’s fraudulently misstated NAV?
From Campbells Legal – Guy Manning, Guy Cowan and Shaun Tracey Cayman Islands September 22 2016 In the latest instalment in the ongoing litigation between Herald and Primeo,[1] the Grand Court of the Cayman Islands has considered how liquidators of…
Cayman Court of Appeal clarifies the scope of the international cooperation provisions of the Companies Law
From Mourant Ozannes The Court of Appeal (Chadwick, Mottley and Campbell JJA) delivered its judgment in the case of Picard (Trustee for the liquidation of Bernard L Madoff Investment Securities LLC) v Primeo Fund (in official liquidation) on 16 April…
Cayman Court of Appeal clarifies the scope of the international co-operation provisions of the Companies Law
From Mount Ozannes The Court of Appeal (Chadwick, Mottley and Campbell JJA) delivered its judgment in the case of Picard (Trustee for the liquidation of Bernard L Madoff Investment Securities LLC) v Primeo Fund (in official liquidation) on 16 April…
Offshore Case Digest: Cayman Islands January 2013-March 2013
From Conyers Dill & Pearman Cayman Islands Grand Court January 2013 CROSS-BORDER INSOLVENCY LAW – JURISDICTION TO DETERMINE CLAW-BACK CLAIMS – FOREIGN TRUSTEE GRANTED RECOGNITION IN THE CAYMAN ISLANDS – ABILITY OF THE CAYMAN ISLANDS COURTS TO ASSIST IN AID…