Miner To Pay Hedge Fund Manager $2.5M To Settle Loan Suit

Law360, London (September 30, 2019, 5:43 PM BST) -- A West African gold mining company has settled a hedge fund’s suit accusing it of wrongly backing out of a $55 million financing deal in favor of another lender, agreeing to pay $2.5 million despite continuing to deny breaching their deal. 

The mining company, Hummingbird Resources PLC, said its board looked at the uncertainty and expense that a court battle brings, along with other factors, before deciding to cut a deal with Taurus Funds Management Pty. Ltd.

A High Court judge stayed the proceedings on Thursday in light of the Sept. 24 deal reached between the two sides, while providing an...

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