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Martin KenneyManaging Partner at Martin Kenney & Co., Solicitors
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The Fairfield Sentry Litigation BVI - Update

September 01, 2012 by Martin Kenney


In June of this year the Eastern Caribbean Court of Appeal dismissed Fairfield Sentry Limited's appeals. The Court of Appeal found that the restitution claims, brought on the basis of alleged mistake as to the value of the Madoff Investment Securities did not render the contracts between Fairfield and the redeeming shareholder null and void. There were contractual obligations to be fulfilled by both Sentry and former shareholders by virtue of Article 10 of Sentry's Articles of Association.  The former shareholders had fully performed their obligations under the contract and so upon a request by them for redemption Sentry was contractually obliged to pay the Redemption Price.  


The Court of Appeal also upheld the Commercial Court's decision that the alleged mistaken calculation of NAV did not undermine the legal obligation of Sentry to pay the Redemption Price. There was no common mistake as the alleged mistaken calculation was solely a mistake of Sentry. 



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