When the Innocent Pay

Cayman court orders custodian to repay redemption proceeds

RACHAEL REYNOLDS, GLOBAL HEAD OF DISPUTE RESOLUTION AND PAUL MURPHY, SENIOR ASSOCIATE, OGIER

The latest Cayman Islands Court of Appeal (‘CICA’) decision in the Weavering Macro Fixed Income Fund Limited (‘Weavering’) litigation has thrown into focus a thorny issue for those invested in Cayman Islands funds.

At the end of November 2016, the CICA upheld the decision of the Grand Court that Skandinaviska Enskilda Banken AB’s (publ) (‘SEB’) repay back to the liquidation estate the approximately $8 million that it had received by way of redemption...

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