An HSBC subsidiary urged the highest court for overseas British territories on Thursday to block a Cayman Islands investment fund from pressing new arguments in its long-running lawsuit seeking $2 billion in damages following losses from Bernie Madoff's massive Ponzi scheme.
An HSBC subsidiary urged the highest court for overseas British territories on Thursday to block a Cayman Islands investment fund from pressing new arguments in its long-running lawsuit seeking $2 billion in damages following losses from Bernie Madoff's massive Ponzi scheme.
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Cayman Fund Seeks To Revive $2B Claim Over Madoff Losses
Law360, London (April 20, 2021, 6:02 PM BST) A Cayman Islands investment fund urged the highest court for overseas British territories on Tuesday to revive its breach of contract claim against Bank of Bermuda and an HSBC subsidiary for $2 billion in damages as the result of losses from Bernie Madoff s massive Ponzi scheme.
An investment fund in the Cayman Islands, pictured, said the Judicial Committee of the Privy Council should overturn a decision that the fund s claims are barred. (AP Photo/David McFadden) Primeo Fund said the Judicial Committee of the Privy Council, which sits in London, should overturn a decision by the Court of Appeal of the Cayman.