Primeo v HSBC:  Cayman Court of Appeal considers service provider claims

On 13 June 2019, following a 10-day appeal hearing at the end of last year, the Cayman Islands Court of Appeal handed down its ruling in Primeo Fund v Bank of Bermuda (Cayman) Ltd & Anr - Appeal 21 of 2017. The Judgment considers the claims being advanced against HSBC group companies in their roles as administrator and custodian to Primeo Fund (in Official Liquidation), a Madoff feeder fund. The claims have been made good, subject to the question of reflective loss which Primeo's liquidators are now considering appealing to the Privy Council.