Category: Press & Articles

Press Release–Kenneth M. Krys and Joanna Lau of KRyS Global, the Joint Liquidators of Fairfield Sentry Ltd. (“Fairfield Sentry”), Fairfield Sigma Ltd. (“Fairfield Sigma”) and Fairfield Lambda Ltd. (“Fairfield Lambda” and, together with Fairfield Sentry and Fairfield Sigma, the “Fairfield Funds”) (the “Joint Liquidators”) are pleased to announce the entering of a compromise with Irving […]

Law360–Law360, New York (May 5, 2011) — A New York federal judge revived some fraud claims Wednesday in the Refco Inc. multidistrict securities litigation after rejecting a special master’s recommendation that he dismiss the allegations with prejudice. U.S. District Judge Jed S. Rakoff disagreed with the special master’s finding that fraud claims brought on behalf […]

By Jonathan Murphy Cayman Financial Review, Second Quarter 2011 As a result of the bankruptcies of feeders funds and investment vehicles underlying Bernard L Madoff Investment Securities LLC and other recent Ponzi schemes, the authority and culpability of feeder fund shareholders vis-a-vis their own customers in certain situations is being put into the limelight by these […]

By Margot MacInnis and Andrea Harris-Kellow Published in Cayman Funds 2011 Liquidators and trustees in bancruptcy of entities that have sustained losses from fraudulent schemes in which management may have been involved will be paying close attention to recent decisions of the courts in the State of New York to determine whether to choose a […]

American Bar Litigation News–In a recent decision further clarifying the definition of documents “intended for internal law office review and use” under New York law, the U.S. District Court for the Southern District of New York held that such communications are subject to a common law “privilege.” Krys v. Sugrue. The district court held that […]

Law 360–A New York federal judge on Monday rejected a special master’s recommendation that he toss the Refco Inc. multidistrict securities litigation, saying the special master failed to read the complaint in a light most favorable to the plaintiffs. In December, Special Master Daniel J. Capra said the claims should be dismissed because the plaintiffs […]

The Tribune–Three Bahamas-based financial institutions have been sued for the return of more than $4 million in redemptions that were generated through Bernard Madoff’s multi-billion Ponzi scheme, on the grounds that these payments represented an “unjust enrichment” because they were based on fraudulent Net Asset Value (NAV) calculations. Documents obtained by Tribune Business from the […]

Law360–Fairfield Sentry Ltd., the largest feeder fund implicated in Bernard L. Madoff’s Ponzi scheme, lodged a suit in New York on Monday seeking to claw back $300 million in redemption payments made during the fraud to Abu Dhabi’s state-owned investment fund. The money used to redeem Abu Dhabi Investment Authority’s shares in Sentry were — […]

Corporate International–The Cayman Islands insolvency law is based on the UK Insolvency Act of 1986 with some modification to make it relevant to the local financial services sector. The majority of insolvency practitioners and their staff are Chartered Accountants from Commonwealth countries. As with other Commonwealth jurisdictions, the “big 4” have a presence, but strong […]

Law360–An attorney for Fairfield Sentry Ltd., Bernard L. Madoff’s largest feeder fund, told a bankruptcy judge Wednesday not to remand more than 40 adversary proceedings against financial institutions and others back to state court. The defendants agreed to settle disputes in New York and it made more sense to keep all actions before the same […]