Two Bahamas-based parties named as defendants in a US lawsuit over a failed $30-40 million investment fund registered in this nation both told The Tribune yesterday that they had no case to answer over the M.J. Select Global Fund.
The lawsuit, which was filed in the Northern District of Illinois on July 30 in a bid to obtain damages and recoup some $9.8 million in losses allegedly sustained through investments in M.J. Select Global Fund, named several Bahamas-based institutions, entities and individuals among the defendants, including Oceanic Bank & Trust, and PeicewaterhouseCoopers accountants Wayne Aranha and Ishmael Lightbourne in their capacity as the fund’s liquidators.
However, both defendants denied they had any case to answer in relation to the lawsuit, which was filed by Chicago-based attornet Constantine John Gekas onbehalf of eight separate plaintiffs, many of whom are trustees for a variety of trusts.
Bruce Bell, Oceanic Bank & Trust’s managing director, yesterday told The Tribune that the bank and its employees were not responsible for any events surrounding the M.J. Select Global Fund, which is currently in liquidation in the Bahamas.
Source: The Tribune
