The Phoenix Judgment

Alex Potts • Posted 22/12/2009 • Under Articles

A RECENT BERMUDA JUDGMENT ON THE POTENTIAL LIABILITIES OF HEDGE FUND ADMINISTRATORS AND CUSTODIANS

On December 4, a judgment was handed down in an important hedge fund case which considered the potential liabilities of hedge fund administrators and custodians in Bermuda, in the event of hedge fund trading losses. The judge dismissed claims brought against Citigroup Fund Services (Bermuda) Limited and The Bank of Bermuda Limited by Phoenix Global Fund Limited and Phoenix Capital Reserve Fund Limited. Conyers Dill & Pearman appeared on behalf of the successful 2nd Defendant, The Bank of Bermuda Limited.