Nordic Bank Loses Appeal Over $8M Investment Clawback

Law360, London (July 29, 2019, 8:49 PM BST) -- The top appeals court for U.K. overseas territories rejected a Swedish bank’s claims that it doesn’t have to return more than $8 million in investment proceeds from a Cayman Islands company that went belly-up, finding liquidators correctly determined the payments were invalid.

The Judicial Committee of the Privy Council affirmed a 2016 ruling by the Cayman Islands Court of Appeal holding that Skandinaviska Enskilda Banken AB must return shareholder payments it received from Weavering Macro Fixed Income Fund Ltd. to liquidators handling the estate for the now-defunct company.

Weavering was put into liquidation in March 2009, shortly after it was discovered...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!