11/15/2007
START DATE
END DATE
29-Nov-07
Avicola Villalobos S.A. vs. Lisa S.A and Leamington Reinsurance Company Limited
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
Court of Appeal for Bermuda
CIVIL LAW INSURANCE LAW
Nazareth JA Evans JA Forte JA
Stephen Leonard
FACTS OF THE CASE:
Claim by Lisa S.A. against Avicola Villalobos S.A. and Leamington Re for losses due to fraudulent reinsurance arrangements within a family-owned business group involving claims of off-the-books profits and manipulation of group affairs to the detriment of Lisa S.A. a shareholder
SUMMARY:
Whether the claims against Avicola for participation in a fraudulent scheme involving false reinsurance arrangements with Leamington should be struck out and the nature of Avicola?s relationship with its operating companies
OUTCOMES:
Appeal dismissed claims not struck out and detailed pleadings allowed to stand
RULED IN FAVOUR OF:
Defendant (Leamington Reinsurance Company Limited)
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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Avicola Villalobos S.A. vs. Lisa S.A and Leamington Reinsurance Company Limited
Claim by Lisa S.A. against Avicola Villalobos S.A. and Leamington Re for losses due to fraudulent reinsurance arrangements within a family-owned business group involving claims of off-the-books profits and manipulation of group affairs to the detriment of Lisa S.A. a shareholder