11/9/2009
START DATE
END DATE
11/19/2009
Kingate Global Fund Ltd v. Knightsbridge (USD) Fund Limited and others
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
The Court of Appeal for Bermuda
Commercial Law Trusts Law
Zacca President Evans JA Ward JA
Stephen Atherton QC with Dennis Dwyer
Victor Lyon QC with Nathanial Turner Andrew Martin
FACTS OF THE CASE:
Dispute over $9 million held by Bank of Bermuda for Kingate Global Fund Ltd in liquidation funds paid for share acquisition in a feeder fund to Bernard L. Madoff Investment Securities LLC shares could not be issued due to Madoff's arrest and subsequent liquidation of BLMIS and the Fund
SUMMARY:
Whether payments made to the Bank were subject to a special purpose trust entitlement of respondents to recover the funds
OUTCOMES:
Appeal dismissed funds held for specific purpose of acquiring shares not part of Fund's assets to be returned to respondents
RULED IN FAVOUR OF:
Respondents
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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Kingate Global Fund Ltd v. Knightsbridge (USD) Fund Limited and others
Dispute over $9 million held by Bank of Bermuda for Kingate Global Fund Ltd in liquidation funds paid for share acquisition in a feeder fund to Bernard L. Madoff Investment Securities LLC shares could not be issued due to Madoff's arrest and subsequent liquidation of BLMIS and the Fund