The plaintiff, the former manager of the defendant investment fund, sued for fees and damages following the termination of its management agreement.
The defendant fund counterclaimed, alleging the manager was terminated for cause due to material breaches of the standard of care, particularly regarding its handling of the fund's liquidity crisis and its recommendation to enter into a high-interest loan rather than suspending redemptions.
The court found that the manager materially breached the standard of care, justifying the termination.
However, the fund's counterclaim for damages was dismissed as statute-barred under the Limitations Act, 2002.
The manager was awarded certain unpaid fees accrued prior to termination.
