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ARTICLE · 07 DECEMBER 2018

Confirmation Of The Irish Position On Litigation Trafficking

Dillon Eustace
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In the landmark decision of SPV Osus Ltd v. HSBC Institutional Trust Services (Ireland) Limited & Ors, the Supreme Court held that the assignment of a right to litigate ...

IrelandLitigation, Mediation & Arbitration
John O'Riordan
John O'Riordan
Peter Bredin
Peter Bredin
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SPV Osus Ltd v. HSBC Institutional Trust Services (Ireland) Limited & Ors [2018] IESC 44

In the landmark decision of SPV Osus Ltd v. HSBC Institutional Trust Services (Ireland) Limited & Ors, the Supreme Court held that the assignment of a right to litigate to an unconnected third party with no legitimate interest in the cause of action giving rise to the litigation is contrary to public policy and void under Irish law. For previous articles on this topic please click here and here.

Background

This case arises from the Bernard Madoff Ponzi scheme fraud. Optimal Strategic US Equity Ltd ("SUS") invested in Bernie L Madoff Investments LLC ("Madoff LLC"). Madoff LLC collapsed due to a large scale ponzi type fraud and the liquidation of Madoff LLC commenced in the Bankruptcy Court of the Southern District of New York which provides for an "Allowed Customer Claims" ("ACCs") procedure which carries an entitlement for investors to be paid in priority in the

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