Legal Considerations For Cayman Directors |

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Legal Considerations For Cayman Directors

Guidance for Cayman fund directors on US legal developments

Cayman directors’ legal responsibilities have been the focus of much discussion since the Cayman Islands Court of Appeals, in Weavering1, vacated a $111 million dollar judgement against two directors of a failed hedge fund. Assuming Weavering is not reversed on further appeal, the decision provides Cayman directors with useful guidance as to when they will be held personally liable for a violation of a duty of care because their conduct was “willful”2. Combined with the Statement of Guidance issued by CIMA in 20143, the scope of potential liability for Cayman directors in Cayman is theoretically much clearer than ever before.

Unfortunately for Cayman directors, their liability is not circumscribed by the geographic boundaries of their offshore location. As demonstrated by the vast amount of litigation arising from the financial crisis of 2008, Cayman directors often find themselves being sued in the US, especially in New York courts. In such suits, Cayman directors and their counsel must grapple with the following key legal issues that can significantly impact their potential liability.

“Unfortunately for Cayman directors, their liability is not circumscribed by the geographic boundaries of their offshore location.”

Which law governs - Cayman or New York?

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