Don’t Just Sit There, Fund Directors — Do Something!

Law360, New York (October 5, 2011, 2:13 PM EDT) -- If you don’t want to pay up, do your best — even if it is your incompetent best. That is one message from Justice Andrew Jones QC in the recent Cayman Islands Grand Court decision in Weavering Macro Fixed Income Fund Limited v. Stefan Peterson and Hans Ekstrom[1] (“Weavering”), where the two defendants, both “independent” directors of the Weavering Macro Fixed Income Fund (the “fund”), were each ordered to pay damages in the amount of $111 million for wilful neglect or default in carrying out their...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.