Trustees v Former trustees

A breach of trust of an investment management agreement led to proceedings in the Channel Islands. Harbour’s funding ensured the claimant had the resources to meet every diversionary tactic deployed by the defendant in the litigation.

Background

A number of investors entrusted their money to a Channel Islands trust company to ensure it oversaw the investment of those funds in accordance with agreed investment guidelines. The trust company failed to act in accordance with these guidelines and, as a result, money was diverted into unauthorised activities causing significant losses to the investors.

Harbour’s funding

At the request of the investors, a new trustee was appointed. But the new trustee had no funds with which to pursue litigation against the former trustee. Harbour was then approached to fund the litigation.

Outcome

The case is on-going.