Recovery of losses arising from a Forex fraud

Ogier acts for two Cayman Islands segregated portfolio companies in relation to three of their segregated portfolios (the "Funds"), which suffered losses totalling almost US$27m as a result of a fraud by one of their forex brokers (the "Broker").

The Broker is a BVI company and was put into liquidation in the BVI, as a result of a Petition issued by Ogier's BVI office on behalf of the Funds.  The Liquidators' investigations are ongoing in several jurisdictions including Australia, Dubai and Pakistan.

The Funds also made claims on their insurance policies, which were governed by English law.

Ogier’s role involved all matters arising out of the fraud and the international asset recovery process. Our team worked with Herbert Smith Freehills in London pursuing the insurance claims, and with the Liquidators of the Broker in respect of their investigations.  We were also heavily involved in dealing with the Funds' regulator, the Cayman Islands Monetary Authority, and numerous investor relation issues.

The insurance claims were settled on a confidential basis at a mediation in April 2016.