Sunday, 23 November 2014
Last updated 2 days ago
Jul 14 2011 | 12:14pm ET
Two hedge fund managers have won their case over a "doomed" joint-venture with F&C Asset Management.
A British High Court ruled in favor of François Barthelemy and Anthony Culligan, who accused F&C of seeking to kill their fund of hedge funds partnership, F&C Partners, after the collapse of Lehman Brothers. F&C, Barthelemy and Culligan had set up the limited liability partnership seven years ago.
The two men accused F&C of beginning to wind down the partnership without so much as consulting them to avoid having to buy out their potential 40% stake in the venture. F&C had sought to prevent Barthelemy and Culligan from exercising their put options that would give them that stake.
Now, the fund manager may have to buy Barthelemy and Culligan's stake for £7.4 million, as well as pay their legal costs, which F&C believes no more than £4.5 million, the asset manager said. While less than the £40 million that Barthelemy and Culligan sought, it is substantially more than the £2.4 million F&C had put aside to cover an adverse decision in the case.
F&C's own legal bills in the case amount to £1.7 million.
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