The managers of a collapsed hedge fund have been ordered to pay more than $450 million in compensation just weeks after a criminal case against them was abandoned by the Serious Fraud Office.
The money will go to creditors of the Weavering Macro Fixed Income Fund, which collapsed in 2009 with a net deficiency of $530 million.
Highlighting misleading statements and misrepresentations in the company's promotional materials, the High Court concluded that these gave prospective investors a 'thoroughly misleading' understanding of the investment strategy adopted by the fund.