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BVI Court of Appeal rules against attempt by liquidators of Madoff feeder fund to claw back $1 b in redemptions from investors

June 15, 2012 by David Marchant

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  • Judgment affirms prior ruling that Fairfield Sentry was contractually obligated to honor redemption requests, even if based on inaccurate NAVs
  • Fairfield Sentry was largest feeder fund for Madoff fraud, investing over $7 billion
  • Redeeming investors who benefit from the judgment include UBS, Credit Suisse, Deutsche Bank, Bank Julius Baer & Co., Lloyds TSB Bank, Pictet & Cie,and Lombard Odier

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More than 900 investors who redeemed $1.4 billion from an insolvent British Virgin Islands-domiciled fund that fed money into Bernard Madoff's fraud are a step closer to not having to pay back the money following a judgment at the Eastern Caribbean Court of Appeal.

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