Landmark Decision of Cayman Islands Grand Court on Duties of Independent Non-Executive Directors of Investment Funds

31 August 2011

The Grand Court of the Cayman Islands has held two independent directors liable for damages in the amount of US$111 million as a result of wilful breaches of their duties of skill, care and diligence. This is the first time the Grand Court has applied the law on directors' duties in the context of an investment fund and analysed how independent non-executive directors should typically discharge their "high level supervisory role".

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