Investor Wants Fair Share Of $1.4B Portfolio For Fund

Law360, New York (August 1, 2011, 4:11 PM EDT) -- A shareholder in a life settlement fund filed a derivative suit Friday in New York alleging the fund's directors mismanaged life insurance policy investments, in a bid to secure the fund's proper share of a $1.36 billion life settlement portfolio.

The directors of Himelsein Mandel Offshore Ltd. breached their fiduciary duty to the fund by investing in policies purchased by HM Ruby Fund LP without making sure HM Ruby had enough funds to pay the policies' premiums, according to a complaint filed by Linda Shenwick in...
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