Modern Art Services

Judgment for $10.2 million in favor of Butterfield Bank in Art Capital Bermuda Ltd., of Bermuda; BlueFin Servicing Ltd., of Bermuda; Modern Art Services LLC, of Delaware, and Ian S. Peck, of New York v. The Bank of N.T. Butterfield & Son Limited, of Bermuda, at the Supreme Court of the State of New York, County of New York.

Second Amended Complaint regarding "three loans made by ACB, serviced by Bluefin, and secured by more than $20 million worth of fine art by such artists as Pablo Picasso, Gerhard Richter, Robert Rauschenberg, Andy Warhol, and Alexander Calder" in Art Capital Bermuda Ltd., of Bermuda; BlueFin Servicing Ltd., of Bermuda; Modern Art Services LLC, of Delaware, and Ian S. Peck, of New York v. The Bank of N.T. Butterfield & Son Limited, of Bermuda, at the Supreme Court of the State of New York, County of New York.