Saturday, 23 July 2016
Last updated 1 day ago
Jul 20 2011 | 11:58am ET
Hedge fund Nylon Capital has settled part of its dispute with Barclays Bank over the latter's redemption of its seed investment.
Nylon, which is headed by former Barclays bond trader Alan Burnell, struck a deal over expenses it claimed to be owed in the wake of the liquidation of its flagship last year. London-based Nylon had sought more than £10 million from the bank.
Barclays said the lawsuit had been "resolved" to the "mutual satisfaction" of both sides. The bank is still waiting to learn how much it will have to pay the hedge fund after losing an arbitration case against it in February; a damages hearing has yet to be scheduled.
The London Court of International Arbitration found that Barclays had pulled its £250 million in seed capital eight months ahead of schedule in 2009—after just four months—forcing Nylon to liquidate its entire portfolio.