Don’t Just Sit There Fund Managers - Do Something!
October 05, 2011
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 duties.
