Madoff feeder fund denied damages from former administrator and custodian
Cayman Islands (Credit: iStock.com/IreneCorti)
In a decision tackling several novel legal issues, Primeo, a Bernie Madoff scheme feeder fund, has lost its battle to claim US$2 billion in damages from its former administrator and custodian, despite a Cayman court establishing that the defendants were grossly negligent and strictly liable to the fund.
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