"Landmark decision" is perhaps becoming an overused phrase. You may have heard about the recent Privy Council ruling in DD Growth v RMF Market Neutral Strategies [2017] UKPC 36, dealing with clawbacks from fund redeemers in Cayman Islands funds. While interesting, it is not earth-shattering. In particular, it does not alter the generally redeemer-friendly landscape in Cayman, nor does it "open the door" to claims which were not available before. Rather, in essence it confirms that (a) payments made to third party redeemers in breach of applicable legislation are not void, and are not automatically repayable; but (b) such payments may be clawed back if that redeemer knew the payments were unlawful when they received them. This is not new or surprising.
To read our full article on the DD Growth v RMF decision, click here.
A copy of the Privy Council's decision can be found here.
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