By Alric Lindsay
According to a claim stamp dated October 2, 2025, and filed with the Grand Court, Blacktower (Cayman) Limited, described as a trade as a wealth management and independent financial investment advisory firm authorised by the Cayman Islands Monetary Authority, is suing Greentree Financial Group, Inc., a company registered in Florida, for US$351,664.53 that Blacktower said it mistakenly paid to Greentree.
Background
Based on the claim, Greentree, through its representatives, entered into an agreement with Blacktower, whereby Blacktower agreed to provide financial services, including the opening and operation of a non-discretionary portfolio management and trading account. The ongoing relationship between the parties was further updated on October 31, 2023 (the “Agreement”).
Reportedly, Blacktower opened a client investment account for Greentree pursuant to the Agreement.
During the course of the business relationship, Blacktower was to provide Greentree with a statement (the “Statement”) showing the activity on, and all amounts and balances standing to the credit or debit of Greentree in their account. The Statements were to be provided on demand and at regular intervals.
Allegedly, on January 11, 2022, Greentree submitted a wire request to Blacktower requesting the transfer of US$200,000 to Greentree’s nominated bank account. Blacktower complied with the instructions, and the funds were wired to Greentree on January 14, 2022.
The lawsuit states that, by mistake, Blacktower failed to amend Greentree’s Statement to reflect the transfer to Greentree of US$200,000, and as a result, the balance on Greentree’s Statement wrongly reflected that the sum of US$200,000 was available to Greentree.
Allegedly, on February 15, 2022, Greentree submitted another wire request to Blacktower, requesting the transfer of a further US$200,000 to Greentree’s nominated bank account. Blacktower complied with the instructions, and the funds were wired on February 25, 2022.
The claim states that, by mistake, Blacktower failed to amend Greentree’s Statement to reflect the transfer to Greentree of the further sum of US$200,000, and as a result, the balance on Greentree’s Statement wrongly reflected that the sum of US$200,000 was available to Greentree to a total overstatement of funds of US$400,000 (together the “Mistake”).
Blacktower discovered the Mistake and made an adjustment to Greentree’s Statement to add the payments totalling US$400,000 to Greentree to the Statement and set off the remaining funds in Greentree’s account against the payments.
According to the claim, once Blacktower made these amendments, Greentree had a negative balance of US$351,664.53 with Blacktower.
Reportedly, Blacktower informed Greentree of the Mistake and formally requested reimbursement of the sums owed, but Greentree allegedly failed and refused to repay the sums owed.
Blacktower is now claiming the following:
** US$351,664.53 from Greentree as money had and received by Greentree under a mistake of fact and interest and costs
**Interest owing at the date of issue of the lawsuit of US$30,341.90. 21 and accruing
**legal costs
