Press Release - 19 January 2004
JERSEY FINANCIAL SERVICES COMMISSION ANNOUNCES SETTLEMENT OF COLLECTIVE INVESTMENT FUND CASE.
The Jersey Financial Services Commission ("the Commission") today announced the recent settlement of the long-running collective investment fund case against Cater Allen Trust Company (Jersey) Limited ("CATJ") and one of its former directors.
The case was complex, but in essence concerned the application of the Collective Investment Funds (Jersey) Law 1998 ("the CIF Law") to CATJ's involvement in a currency investment scheme called the Delta Scheme, which made losses in 1992/93.
The Commission has concluded a full and final settlement with CATJ and the former director in question, bringing an end to all legal proceedings between them. The settlement was formally and unconditionally approved by the Royal Court of Jersey on 25 November 2003.
From the outset this case involved highly complex issues of fact and law. The terms of the settlement are confidential. However, in reaching the settlement the Commission has carefully considered the interests of all relevant investors. Taking into account all the circumstances, the Commission considers the settlement achieved to be very fair and reasonable.
The Commission has been represented in this matter throughout by leading Jersey Advocate Anthony Olsen of Carey Olsen.
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