9/14/2009
START DATE
END DATE
12/4/2009
Phoenix Global Fund Limited & Phoenix Capital Reserve Fund Limited v Citigroup Fund Services (Bermuda) Limited & The Bank of Bermuda Limited
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
Supreme Court of Bermuda Commercial Court
Commercial Law
Plaintiff Lawyers: Victor Lyon Q.C. Larry Mussenden Attride-Stirling & Woloniecki
Defendant Lawyers: Richard Sheldon Q.C. Andrew Martin Mello Jones & Martin (1st Defendant) Narinder Hargun Alex Potts Conyers Dill & Pearman (2nd Defendant)
FACTS OF THE CASE:
The case involves the duties of administrators and custodians of investment funds specifically regarding investments made in breach of investment restrictions in the relevant prospectus
SUMMARY:
Interpretation and application of regulations breach of investment restrictions contractual and statutory duties of fund administrators and custodians
OUTCOMES:
Detailed analysis of contractual and statutory duties assessment of breach of duties
RULED IN FAVOUR OF:
in the summarized content
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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Phoenix Global Fund Limited & Phoenix Capital Reserve Fund Limited v Citigroup Fund Services (Bermuda) Limited & The Bank of Bermuda Limited
The case involves the duties of administrators and custodians of investment funds specifically regarding investments made in breach of investment restrictions in the relevant prospectus