Cayman Law Bars Suit Over $1B Fund, NY Appeals Court Says

Law360, New York (May 28, 2013, 6:11 PM EDT) -- A New York appeals court on Tuesday affirmed the dismissal of a derivative suit accusing an offshore life settlement fund of mismanaging a portfolio once valued at $1.2 billion, saying the suit was barred under the law of the Cayman Islands.

A three judge panel of the First Department of the New York Supreme Court’s Appellate Division ruled that shareholder plaintiff Linda Shenwick can’t sue the directors of Himelsein Mandel Offshore Ltd. over alleged breaches of fiduciary duty tied to the funds’ investments in policies purchased...
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