Funds and Regulatory webinar: The Carlyle Case and Directors' Duties

The Carlyle case, which arose from a Guernsey fund losing US$1bn overnight, is thought to be the largest civil case in Guernsey's history. The six-month trial has been described as having put Guernsey on the map. This presentation describes the case as it progressed through trial, the Court of Appeal and how it recently reached a settlement before it was heard by the Privy Council.

Simon represented The Carlyle Group, Carlyle Investment Management and TCGH throughout the ten-year dispute including at the six-month trial in 2016 and at the subsequent appeal in 2018. Bryan has been involved with the case since 2013 and appeared as one of the advocates acting for the executive directors during the trial.

Guernsey Advocates and Dispute Resolution partners, Simon Davies and Bryan de Verneuil-Smith will be talking about the fund, what it invested in, how it was intended to generate investment returns, the fiduciary duties that the various kinds of directors were accused of having breached, their duties of skill and care, what the courts had to say about the cause of the sudden insolvency and some lessons that might be learned from the Carlyle case.

To join the webinar, click here to register.