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 […]