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 March 17th, 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 July 8th, 2011, the Luxembourg District Court rendered a first judgement in the Herald (Lux) case. A copy of the judgement is here.
On January 20th, 2012, the liquidators have convened the annual shareholders' meeting to present the financial situation as of 31 December 2010 and the agreement reached on a voluntary discovery following their discussions with the US Trustee.
On March 2nd, 2012, the Luxembourg District Court, second Chamber rendered its verdict on ongoing proceedings which is published hereunder.
On June 15th, 2012, the liquidators have agreed with the US Trustee to the extension of the Voluntary Discovery for Herald (Lux) SICAV.
The liquidators would like to draw the attention of the shareholders and investors in Herald (Lux) on the Madoff Victims fund, which was announced by the US Department of Justice Asset Forfeiture Distribution Programme on 18th November 2013. 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)
The settlement agreement was submitted to both the US Bankruptcy Court Southern District of New York as well as the "Tribunal d'Arrondissement à Luxembourg siègeant en matière commercial" for approval in both jurisdictions. The US Bankruptcy Court gave its approval on 22nd January 2015, while the Luxembourg Court rendered its approval by judgement dated 26th February 2015. Both Court approvals can be obtained by the shareholders from the liquidators upon simple request.
As a result of the respective Court approvals, Herald (Lux) received since then, a catch-up payment from the BLMIS Trustee of $112.764.120,80. Also, Herald (Lux) will be paid $15.833.653,20 which represents the 6nd interim distribution that the Trustee announced on 15nd April 2015. The liquidators received the enclosed 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.
In July 2015, and in view of the forthcoming distribution payments to be made, the liquidators sent out a second information and document request to the shareholders, following their letter dated 8th May 2015, in order to comply with the Luxembourg laws and regulations on the prevention of money laundering and the financing of terrorism.
On October 6th 2015, the liquidators point to the statement by the US Trustee in respect of the 6th interim distribution which Herald (Lux) will benefit from. The hearing pertaining to this distribution is scheduled for 18 November 2015 and the percentage allocated is 8.262 % or a payment of $19.005.904,80 for the benefit of Herald (Lux).
By judgment of 04 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.