Singularis Fights Litigation Funder's Bid For Extra $15M

Law360, London (May 14, 2020, 5:41 PM BST) -- Creditors defrauded by a Saudi businessman urged a London judge on Thursday not to award the hedge fund that financed their victory at the U.K.'s highest court an extra $15 million cut from the proceeds, arguing that wasn't their agreement.

Andrew Ayres QC told Judge Andrew Lenon that the dispute between his client Singularis Holdings Ltd. and Chapelgate Credit Opportunity Master Fund Ltd., a hedge fund that helped to fund Singularis' court fight against investment bank Daiwa Capital Markets Europe, is one based on contractual interpretation.

"This case can be entirely decided by looking at the text," Ayres said at the...

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