Wednesday, December 26, 2007

Will the court’s ruling against Olint set precedent for other investment clubs?

The precedent on an issue is the collective body of judicially announced principles that a court should consider when interpreting the law. When a precedent establishes an important legal principle, or represents new or changed law on a particular issue, that precedent is often known as a landmark decision. Precedent is central to legal analysis and rulings in common law countries like the United States law. In some systems precedent is not binding but is taken into account by the courts.
On Monday afternoon in the Caribbean Island of Jamaica, Investment club Olint lost its appeal in the case it brought against the FSC in the Supreme Court. Supreme Court judge, Justice Norma McIntosh, ruled in favor of the FSC. The court also dismissed the appeal of Neil Lewis and Janice Lewis of LewFam Investments, who were also having their appeal heard against the cease-and-desist orders issued by the FSC last year.
Deputy Director of the Financial Services Commission (FSC), George Roper, says this week's court ruling against two investment clubs will have significant implications for the financial sector.
Olint had obtained an order from the Supreme Court-which allowed it to continue its business with the existing members until the court made a ruling in the matter. In its appeal, the investment club contended that there was no need for it to be regulated as it did not deal in securities, but strictly in foreign exchange. See full article at

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