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ARTICLE · 21 NOVEMBER 2023

Privy Council Dismisses Primeo's Final Appeal In US$2bn Madoff Litigation

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In a long-awaited and wide-ranging judgment delivered on 15 November 2023,[1] the Judicial Committee of the Privy Council has dismissed[2] the appeal by Primeo Fund (in Official Liquidation)...

Cayman IslandsLitigation, Mediation & Arbitration
Andrew Pullinger
Andrew Pullinger
Shaun Tracey
Shaun Tracey
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In a long-awaited and wide-ranging judgment delivered on 15 November 2023,1 the Judicial Committee of the Privy Council has dismissed2 the appeal by Primeo Fund (in Official Liquidation) ("Primeo") against the 2019 dismissal of its appeal to the Cayman Islands Court of Appeal of the dismissal of its claims against two HSBC Group companies by the Grand Court of the Cayman Islands in 2017.

Primeo, a Cayman Islands hedge fund, had invested into Bernard Madoff's infamous Ponzi scheme, and claimed damages of c.US$2 billion against its former fund administrator and custodian, Bank of Bermuda (Cayman) Ltd ("BBCL") and HSBC Securities Services (Luxembourg) S.A. ("HSSL") (together, the "Respondents").

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