Legal Business

Offshore Part 2 – The Bounty Hunt

Madoff-related claims in the BVI and the Saad litigation in the Cayman Islands are keeping the Caribbean’s litigators busier than ever. LB analyses the key cases and speaks to the main players to find out what is likely to happen next

Following Bernie Madoff’s arrest on 11 December 2008, Fairfield Sentry, the fund said to have had the largest exposure to Madoff’s multibillion-dollar fraud, was placed into liquidation in the British Virgin Islands (BVI) in July 2009. Consequently Fairfield’s liquidators, KRyS Global, issued over 175 claims in the BVI against investors that had redeemed their investments out of Fairfield. Forbes Hare acted for KRyS Global, led by founding partner William Hare.