Hedge Fund Can't Collect Extra $15M After Fraud Award

Law360 (June 22, 2020, 2:53 PM EDT) -- A London judge said Monday that a hedge fund isn't entitled to $15 million more from a court award it helped win for creditors defrauded by a Saudi businessman, finding that reductions made to the figure were part of the inherent risks of trial.

Andrew Lenon QC, sitting as a judge of the High Court, ruled that ChapelGate Credit Opportunity Master Fund isn't entitled to any additional payments under an agreement financing Singularis Holdings Ltd.'s fraud lawsuit against an investment bank.

ChapelGate can't ignore the fact that a judge trimmed Singularis' litigation proceeds from roughly $204 million to $153 million, Lenon...

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