Alan Meehan

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In an interesting case from the Cayman Islands, the former directors of the Weavering Macro Fixed Income Fund have been ordered to pay $110 million in damages to the Fund (after its liquidation), on the basis that this represented loss suffered by the Fund as a result of the directors’ wilful neglect or default. The judgment may well scare any less than active non-executive fund directors and provides us with a useful reminder of some…
Most lawyers in Europe advising investment funds and managers will have encountered an overwhelming uncertainty regarding “what happens next?” on September 15th 2008, when Lehman Brother’s UK prime brokerage business went into administration. While at the time there were some temporary measures to deal with the resolution of deposit taking banks (subsequently replaced by the Banking Act 2009), the position of investment banks had been overlooked. At an early stage during the course of…