Monday, January 7, 2013

Hedge-fund liquidator suing BoNY Mellon

From the Irish Independent: The liquidator of a bust Cayman Islands hedge fund is suing an Irish firm owned by BNY Mellon for millions.

Dublin-based BNY Mellon Investment Servicing International is being sued by Grant Thornton in its capacity as liquidator of Weavering Capital, a €450m-valued hedge fund that collapsed in 2009.

The Sunday Independent understands that the amount of damages being claimed by the liquidator on behalf of out-of-pocket Weavering investors is €200m at the low end but could be up to €500m if certain facts are proven.

A company called PNC Global Investment Servicing was bought by BNY in early 2010. This company provided a wide range of back office services to Weavering, according to court documents seen by this paper. One service was calculating its net asset value (NAV) on a monthly basis….

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