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Komfie Manalo, Opalesque Asia:

The Cayman Islands Court of Appeal reversed the decision of a local court which held that the directors of the Weavering Macro Fixed Income Fund were liable for willful neglect or default, and has set aside the $111m judgment against them.

International law firm Conyers Dill & Pearman said in an alert that the Cayman Court of Appeal disagreed with the findings of the UK court that convicted the directors of Weavering and held that the judge had been wrong to draw such an inference from the facts.

"The Court of Appeal re-affirmed that a director could not be guilty of willful neglect or default unless he either knows that he is committing and intends to commit a breach of his duty or is recklessly careless in the sense of not caring whether his act or omission is or is not a breach of duty," the law firm quoted the Cayman Court of Appeals as saying.

UK court convicts Magnus Peterson

Last month, a UK court convicted Magnus Peterson for his role in the collapse of the $600m hedge fund firm Weavering in 2009. The conviction of Peterson is one of the most high profile cases handled by the U.K.’s SFO. The Swedish financier who ran the Weavering Macro F......................

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