The Salle Modulable Foundation is successful in court
The judge of the competent court in Bermuda has ruled that the withdrawal of the financing commitment for the Salle Modulable in Lucerne was unlawful. Butterfield Trust (Bermuda) Limited must fulfill its obligations.
The withdrawal of the financing commitment for the Salle Modulable by Butterfield Trust (Bermuda) Limited in October 2010 was unlawful. The competent judge found that a donation agreement existed under Swiss law and that the trust had to fulfill its obligations arising from this, the foundation writes.
If the Salle Modulable Foundation submits a feasibility study for a flexible music theater in the city of Lucerne that is adapted to the new circumstances, Butterfield is obliged to meet the original funding commitment of up to CHF 120 million. The feasibility study will be updated and adapted as part of the New Theater Infrastructure Lucerne (NTI) project.
Butterfield's counterclaim was dismissed in its entirety. The judge has not yet made a final ruling on other issues. There will be a subsequent hearing on this. The judgment is not yet final. It can still be appealed to the Bermuda Court of Appeal.
