This website has been established by the court
This website aims at informing the public with respect to the liquidation process and at communicating general information. Even if the liquidators pay careful attention to the quality of published information, they can neither guarantee expressly, nor implicitly that available information is accurate, current and complete.
On 17th March 2010, the Court appointed liquidators of Herald (Lux) Sicav have filed a lawsuit at the Luxembourg District Court against the different parties that have intervened during the life-time of Herald (Lux) Sicav. The purpose of the lawsuit is to recover the assets of the Sicav, in the interest of the shareholders and the investors in the fund.
On 8th July 2011, the Luxembourg District Court rendered a first judgement in the Herald (Lux) case. A copy of the judgement is here.
On 20th January 2012, the liquidators have convened the annual shareholders' meeting to present the agreement reached on a voluntary discovery following their discussions with the US Trustee.
On 2nd March 2012, the Luxembourg District Court, second Chamber rendered its verdict on ongoing proceedings which is published hereunder.
On 15th June 2012, the liquidators have agreed with the US Trustee to the extension of the Voluntary Discovery for Herald (Lux) SICAV.
On 18th November 2013, the liquidators drew the attention of the shareholders and investors in HERALD (Lux) on the Madoff Victims fund, announced by the US Department of Justice Asset Forfeiture Distribution Programme. http://www.madoffvictimfund.com/
On 12th December 2014, the liquidators announce that they have reached a settlement agreement with Irving H. Picard, Trustee for the Estate of Bernard L. Madoff Investment Securities LLC (BLMIS) in New York, which results in the recognition of the Herald (Lux) customer claim in the BLMIS estate. (Statement 12-12-2014)
On 22nd January 2015 and on 26th February 2015, the settlement agreement as signed was approved by the US Bankruptcy Court Southern District of New York and the "Tribunal d'Arrondissement à Luxembourg siègeant en matière commercial" respectively. Both Court approvals can be obtained by the shareholders from the liquidators upon simple request.
As a result of the approved US settlement, HERALD (Lux) received so far $131,270,025.60 from the BLMIS Trustee, up to and inclusive of the 6th interim distribution that the Trustee announced on 15th April 2015, but in addition to a $500,000.- payment from SIPC. (Notice of Adjournment of the Hearing for the 6th interim distribution from the Trustee). In addition to those monies from the BLMIS estate, HERALD (Lux) recovered monies in March 2015 from the JP Morgan class action settlement in the amount of $3,169,440.
On 15th June 2016, HERALD (LUX) received the 7th interim distribution payment from the Trustee in the amount $3,002,025.60 or 1.305% of the allowed claim. This brings the total percentage of the service to the allowed claim to 58.369%. (Notice of Adjournment of the Hearing (part 1 and part 2) for the 7th interim distribution from the Trustee).
The liquidators are now finalising the work done following their letters to the shareholders dated 8th May 2015 and 21st July 2016, in order to comply with the Luxembourg laws and regulations on the prevention of money laundering and the financing of terrorism. The liquidators will communicate on the settlement discussions aiming at ending all Luxembourg litigation as soon as they are finalised.
By judgment of 4th February 2016, the Tribunal d'Arrondissement de et à Luxembourg [District Court of and at Luxembourg], 6th Chamber, hearing commercial matters, changed the method of liquidation of the variable capital investment company HERALD (LUX). The judgement and the publications made by the liquidators on 15th February 2016 in the European Financial press can be found here.
In this context, the liquidators closely work with the Luxembourg authorities to ensure that distributions made are in compliance with such laws.
Herald (Lux) in liquidation and the liquidators do not accept any responsibility or liability for potential damages that would result in parties' decisions or actions based on the information available on this website.