October 30, 2020

Primeo v HSBC: Cayman Islands Grand Court dismisses US$2 billion claim by Madoff feeder fund

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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 Jones QC dismissed a US$2 billion claim against two of Primeo’s service providers arising out […]

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 […]

Cayman Islands-based Bernie Madoff feeder fund author of own demise

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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 its own misfortune”, a judge has ruled. The Grand Court of the Cayman Islands delivered […]

Herald -v- Primeo: How can Cayman Islands liquidators restate a fund’s fraudulently misstated NAV?

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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 a Cayman fund may adjust the fund’s historic NAVs (and thereby alter the respective amounts […]

Cayman Court of Appeal clarifies the scope of the international cooperation provisions of the Companies Law

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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 2014. Mourant Ozannes acts for Primeo Fund (Primeo). This judgment clarifies the extent of the […]

Cayman Court of Appeal clarifies the scope of the international co-operation provisions of the Companies Law

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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 2014. Mourant Ozannes acts for Primeo Fund (Primeo). This judgment clarifies the extent of the […]

Offshore Case Digest: Cayman Islands January 2013-March 2013

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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 OF FOREIGN BANKRUPTCY PROCEEDINGS Irving H Picard (as Trustee for the Liquidation of the Business […]