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Kingate Global Fund Limited (In Liquidation) and Others -v- Kingate Management Limited and Others [2015] SC (Bda) 65 (25 September 2015)

September 2015 Contracts

BERMUDA

SUPREME COURT

CONTRACT - ENTITLEMENT TO FEES - UNJUST ENRICHMENT - MISTAKE

The Plaintiffs were “feeder funds” for the Bernard L. Madoff Investment Securities LLC (“BLMIS”). As a result of the Ponzi scheme run by Mr. Madoff, the Plaintiff Funds collapsed and were placed in liquidation.

The Plaintiffs had paid management fees to the First Defendant (“KML”). The Defendants sought the determination of a preliminary issue, being whether the fees actually paid were in fact payable under the various management agreements and, if so, whether the Plaintiffs were able to assert a claim in unjust enrichment against KML and the other Defendants. The preliminary issue was brought about following the decision of the Privy Council in Fairfield Sentry Ltd -v- Migani & Others [2014] 1 CLC 611.

 

To continue reading full articles in PDF format:
Kingate Global Fund Limited (In Liquidation) and Others -v- Kingate Management Limited and Others [2015] SC (Bda) 65 (25 September 2015)

 

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EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel: +1 441 298 7814
Email: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel: +1 284 852 1113
Email: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel: +1 345 814 7777
Email: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, QC
Tel: +852 2842 9553
Email: nigel.meeson@conyersdill.com

Offshore Cases

Kingate Global Fund Limited (In Liquidation) and Others -v- Kingate Management Limited and Others [2015] SC (Bda) 65 (25 September 2015)

20 September 2015

BERMUDA

SUPREME COURT

CONTRACT - ENTITLEMENT TO FEES - UNJUST ENRICHMENT - MISTAKE

The Plaintiffs were “feeder funds” for the Bernard L. Madoff Investment Securities LLC (“BLMIS”). As a result of the Ponzi scheme run by Mr. Madoff, the Plaintiff Funds collapsed and were placed in liquidation.

The Plaintiffs had paid management fees to the First Defendant (“KML”). The Defendants sought the determination of a preliminary issue, being whether the fees actually paid were in fact payable under the various management agreements and, if so, whether the Plaintiffs were able to assert a claim in unjust enrichment against KML and the other Defendants. The preliminary issue was brought about following the decision of the Privy Council in Fairfield Sentry Ltd -v- Migani & Others [2014] 1 CLC 611.

 

To continue reading full articles in PDF format:
Kingate Global Fund Limited (In Liquidation) and Others -v- Kingate Management Limited and Others [2015] SC (Bda) 65 (25 September 2015)

 

 

EDITOR & HEAD OF LITIGATION BERMUDA

Christian R. Luthi
Tel.: +1 441 298 7814
Email.: christian.luthi@conyersdill.com


Head of Litigation British virgin islands

Mark J. Forte
Tel.: +1 284 852 1113
Email.: mark.forte@conyersdill.com


Head of Litigation Cayman Islands

Paul Smith
Tel.: +1 345 814 7777
Email.: paul.smith@conyersdill.com


HEAD OF THE ASIA DISPUTES & RESTRUCTURING GROUP

Nigel K. Meeson, Q.C.
Tel.: +852 2842 9553
Email.: nigel.meeson@conyersdill.com