Originally published in The Hedge Fund Journal - July 2012.

In a series of decisions before the BVI (British Virgin Isles) Commercial Court and Eastern Caribbean Court of Appeal, the liquidators of Fairfield have suffered significant reversals in their claims against investors.

The decisions are important for a number of reasons. First of all, the value of the claims is staggering; the BVI claims and related actions in the US Courts claim in the region of $7.5 billion. Secondly, the defendants are a who’s who of the world’s financial institutions, and thirdly the legal issues raise very important issues for offshore feeder funds and liquidators.

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