Madoff liquidation
Shareholders who withdrew money from a Virgin Islands-based hedge fund that had invested money with Bernie Madoff’s securities firm before his Ponzi scheme was discovered don’t have to return the money, a judge ruled last week. Commercial Court Justice Edward Bannister decided to dismiss a lawsuit against dozens of former shareholders in the hedge fund Fairfield Sentry that was brought by the fund’s liquidator KRyS Global, according to a press release from the law firm Harneys. The firm – along with lawyers from Ogier, Maples and Calder, and O’Neal Webster – represented the investors. Last month, Mr. Bannister ruled in the firms’ favour on a “preliminary question” — a legal point argued before the case went to trial — but last week’s ruling formally dismissed the lawsuit, according to the judgment.
REDJet
The discount airline REDjet has received permission to fly to five additional countries — St. Kitts and Nevis, Grenada, St. Maarten, St. Lucia and Antigua and Barbuda — the company’s CEO said. Ian Burns did not say when flights would be offered to those countries but said that the company would be buying another plane next year in order to keep up with demand, according to the Trinidad & Tobago Guardian. The airline currently flies to Trinidad and Tobago, Guyana and Barbados, and plans to offer service soon to Jamaica, according to its website.