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Privy Council Provides Certainty to Hedge Funds

April 2014 Anton Goldstein

On 16 April 2014, the Privy Council issued a welcome decision in the Fairfield Sentry Limited (“Fairfield Sentry”) case providing greater certainty as to the finality of the subscription price, redemption price and calculation of net asset value for hedge funds generally.

Fairfield Sentry, a British Virgin Islands business company, was the largest feeder fund into Bernard L. Madoff Investments Securities LLC (“BLMIS”). On 18 December 2008, the directors of Fairfield Sentry suspended the determination of its net asset value, thereby suspending the redemption of shares. On 21 July 2009, the High Court of the British Virgin Islands placed Fairfield Sentry into liquidation.


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Privy Council Provides Certainty to Hedge Funds


Anton Goldstein

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