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Paris Court of Appeal cancels AMF’s suit against three hedge funds

Monday, November 04, 2013

Benedicte Gravrand, Opalesque Geneva:

On 24th October, the Court of Appeal in Paris cancelled a decision previously made by the AMF, the French financial watchdog, in February 2012 to condemn three fund management companies and fine them a total of Eur6.3m ($8.5m), on a technical basis.

This was confirmed by lawyers for two of the funds, from the firms De Pardieu Brocas Maffei and Olivier Schnerb, who said the Court of Appeal’s decision to cancel AMF’s charges was based on what it perceived had been a violation of European human rights, which guarantee a fair lawsuit and an impartial tribunal, reports Agefi. Indeed, some members of the deliberation committee had been changed without respect for the proper delays, and one may have presented conflicts of interest.

The attorneys represent the hedge funds Geneva based-Coudree Capital Management, which was fined Eur2.5m ($3.37m) and Compania Internacional Financiera, which was fined Eur2.2m ($2.96m). The third entity is CMA Capital Partners, a private equity......................

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