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...

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