Order | Filed: June 25, 2026
| Entered: June 25, 2026
Raymond James & Associates, Inc. v. Genova Asset Investments LLC et al
Other Statutory Actions | Florida Southern
- Order (PAPERLESS or pdf attached)
PAPERLESS ORDER Requiring Joint Status Report.
On April 22, 2025, the Court entered an Order Granting Motion to Stay on the Basis of International Comity ("Order"), [ECF No. 41], finding that "the ultimate disposition by the BVI Court will assist in the speediest resolution of this case." Order at 3. The Court further reasoned that "[t]he Vigegna Trust Settlement--the underlying document at the heart of this familial squabble--provides that the law of the British Virgin Islands governs this case. The Vigegna Trust Settlement also indicates that the BVI courts shall serve as the forum to hear and determine the interpretation of the Vigegna Trust Settlement. [ECF No. 20] at 13. The Vigegna Trust Settlement and its interpretation is the controlling issue in this case, and its construction and effect--subject to the law of the British Virgin Islands--will affect whether Maria De Los Angeles Nardi had rightful title to the interpleaded funds held by Genova Asset Investments LLC." Id. at 3-4. Accordingly, the Court "decline[d] to proceed further in this case in the interest of international comity until a decision has been reached in the case pending before the BVI Court." Id. at 4.
On May 22, 2025, the parties informed the Court that they "have not yet received a written ruling from the Eastern Caribbean Supreme Court, High Court of Justice, Virgin Islands, Commercial Division (the "BVI Court") regarding this proceeding" but that "the BVI Court [has] issued an oral ruling, and the Parties have requested the transcript memorializing that ruling." See [ECF No. 54]. The Court therefore directed the parties to file a joint status report including the transcript of the BVI Court and directed each party to submit a supplemental memorandum setting out their position on how the BVI Court ruling impacts the instant case. See [ECF No. 57].
Maria Dolores Nardi and Maria Jose Nardi maintain that this Court now has "the factual and legal foundation to rule in favor of the Florida Trustees with respect to their claim to the res, their breach of fiduciary claim, and their declaratory judgment claim and, accordingly, to impose a constructive trust over two-thirds of the interpleaded funds in favor of Loli and Tote and order distribution of those funds to them forthwith." See [ECF No. 60] at 2-3. But they "submit that this Court should maintain the interpleaded funds in its registry pending the BVI Court's issuance of its written ruling and completion of the BVI's Court's accounting process whereby, it is anticipated, the BVI Court will fashion the necessary relief. Under the BVI Court's process, Maria's accounting is due by July 31, 2026. Thereafter, the BVI Court will hold a directions hearing scheduled for October 5, 2026." Id. at 3. However, Maria De Los Angeles Nardi and Genova Asset Investment LLC maintain that the BVI Court rejected Maria Dolores Nardi and Maria Jose Nardi's theory as to why they had rights to Genova's bank accounts. See [ECF No. 59] at 1. They also note that "[t]he BVI court directed Trustee Maria Nardi to file accounts to show the trust's assets and expenses by July 31, 2026." Id. at 5.
The Court, having reviewed the supplemental memoranda, [ECF Nos. 59, 60], finds that it is premature to lift the current stay before the BVI Court's issuance of its final, written ruling and while the BVI Court's accounting process is ongoing. Accordingly, the parties shall file a Joint Status Report on or before August 7, 2026, providing an update on the BVI Court's accounting process. Further, once published, the parties shall promptly file a copy of the BVI Court's written ruling with the Court.
Signed by Judge Rodolfo A. Ruiz, II on 6/25/2026. (mb03)