Getting It Done On Time And Getting It Done Right

We are often advised against leaving things to the last minute (and for good reason). However, for those working in the financial services industry, sometimes the "last minute" simply cannot be avoided. Often the "last minute" is also the first minute a task can be completed. Regardless of time available, we of course also need to get the job done right.

The themes of getting things done in the last minute and getting things done the right way feature throughout the below discussion of recent jurisprudence from the Cayman Islands Grand Court and an update from the Cayman Islands Monetary Authority in relation to anti-money laundering regulations.

As we move closer to the end of 2018 and towards end of year deadlines, at least we can take comfort that holiday season (and a chance to reflect on our accomplishments over the year) is not far away.

Settling litigation on the courthouse steps

"Settling on the courthouse steps" is a common expression which usually elicits images of slightly disheveled (and perhaps sleep-deprived) lawyers signing documents on the back of a briefcase early in the morning before being summoned to appear before a judge.

While it is true that many settlements happen immediately before a court hearing takes place, the phrase "settling on the courthouse steps" could equally apply to parties settling not on their way in but on their way out of court. In complex matters, judges will often reserve their decisions for weeks or months. This may give parties further time to settle disputes after the hearing, but before judgment is given. There are good reasons that many disputes are only resolved at the last minute. Understandably, it is sometimes only after each party has had an opportunity to review and consider each other's evidence and arguments (and perhaps witness the judge's approach to the dispute) that the parties have enough information to reach settlement.

On two recent occasions, the court has been asked to consider whether it should release judgments in circumstances where the parties had reached settlement after trial:

In the Aug. 30, 2018, unreported judgment of Justice Ingrid Mangatal in Toby v Allianz Global Risks US Insurance Company Cause no. FSD 152 of 2013, the parties announced to the court that they were at an advanced stage of settlement only after a 200-page draft judgment had been circulated to the parties (and after over four years of litigation). The parties then asked the court not to publish the...