A Ba­hamas-based sub­sidiary of CL Fi­nan­cial, seek­ing to re­cov­er over US$122 mil­lion in dam­ages from the es­tate of for­mer CL Fi­nan­cial (CLF) ex­ec­u­tive chair­man Lawrence Duprey over a failed land de­vel­op­ment in Flori­da, has lost its bid for ex­clu­sive ac­cess to le­gal costs that the es­tate was award­ed for a dis­con­tin­ued law­suit against Duprey and oth­er for­mer CLF ex­ec­u­tives over their al­leged roles in the con­glom­er­ate's col­lapse.

In a re­cent judg­ment, High Court Judge Vigel Paul ruled that Cher­sons, which ini­tial­ly rep­re­sent­ed Duprey in the now-dis­con­tin­ued pro­ceed­ings, was en­ti­tled to re­ceive its fees from the le­gal costs to be paid by the Cen­tral Bank of T&T (CBTT) and CLF sub­sidiary Cli­co, with British Amer­i­can In­sur­ance Com­pa­ny Ltd (Baico) re­ceiv­ing what re­mains.

The sig­nif­i­cant dam­ages sought by Baico re­lat­ed to le­gal pro­ceed­ings in the Unit­ed States (US) over Duprey's breach of fidu­cia­ry du­ty in the com­pa­ny's in­vest­ment in the Green Is­land re­al es­tate de­vel­op­ment in Osce­o­la Coun­ty, Flori­da.