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ARTICLE · 19 MAY 2014

UK Privy Council Decision On Fund Redemption Process In Fairfield Sentry Limited

Dillon Eustace
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Readers will no doubt be familiar with Bernard L. Madoff's Ponzi scheme perpetuated through his firm Bernard L. Madoff Investment Securities LLC.

British Virgin IslandsWealth Management
Dillon Eustace
Dillon Eustace
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Readers will no doubt be familiar with Bernard L. Madoff's Ponzi scheme perpetuated through his firm Bernard L. Madoff Investment Securities LLC ("BLMIS"), his 2009 conviction and the multiplicity of litigation affecting shareholders and former shareholders in what were (although not always described as such) feeder funds invested in BLMIS.

A variety of interesting issues relating to the redemption process of funds arose out of legal actions initiated by the liquidators of Fairfield Sentry Limited ("Fairfield"), against persons who had redeemed out of Fairfield prior to the discovery of the Madoff fraud and were eventually dealt with by the UK Privy Council (the "Privy Council") on 16 April, 2014. The Privy Council decision can be seen as a clear, sensible and much welcome one, particularly for redeemed former shareholders.

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