The Principal Liquidators of Herald Fund SPC (In Official Liquidation) ("Herald") are delighted to confirm the receipt of an important judgment from the Luxembourg Court of Appeal in their long-running action, in which Herald pursued claims worth billions of dollars, against HSBC Securities Services (Luxembourg) ("HSSL").
In 2009, Herald issued proceedings in Luxembourg against its custodian, HSSL, seeking restitution of the securities that HSSL had advised Herald were held by HSSL as custodian as at 30th November 2008 and certain cash transferred.
In a judgment handed down on Thursday, 5th December 2024, Herald's main appeal was upheld and HSSL's cross-appeal dismissed.
The Court found, in principle:
(i) that HSSL must restitute to Herald the equivalent value of the securities sought; and
(ii) that HSSL must restitute to Herald the cash sought of approximately US$500m.
The English translation of the judgment may be read here.
In 2009, Herald issued proceedings in Luxembourg against its custodian, HSSL, seeking restitution of the securities that HSSL had advised Herald were held by HSSL as custodian as at 30th November 2008 and certain cash transferred.
In a judgment handed down on Thursday, 5th December 2024, Herald's main appeal was upheld and HSSL's cross-appeal dismissed.
The Court found, in principle:
(i) that HSSL must restitute to Herald the equivalent value of the securities sought; and
(ii) that HSSL must restitute to Herald the cash sought of approximately US$500m.
The English translation of the judgment may be read here.
BDO invites enquiries regarding resources and other ways our firm can provide assistance with such matters to Russell Smith (RSmith@bdo.ky) or Declan Magennis (DMagennis@bdo.ky).
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