Another success for Redress
Redress Solutions agreed to provide finance to liquidators of an investment fund whose activities were limited to specific forms of investment with a bank appointed as custodian to release monies only for proper purposes.
The fund managers broke the terms of their mandate and the bank failed to supervise, with the result that the funds’ monies were used for improper purposes. These monies were lost, driving the fund into liquidation. As soon as Redress came on the scene and it became clear to the defendants that the liquidators now had adequate finance available, the defendants proposed mediation and a settlement was reached at an early stage in the proceedings. Commenting on Redress’ involvement on the case, the leading partner said: “I found Redress to be an easy, yet professional, litigation funder to work with. The take-on process was simple, and once the funding was in place (a process which was, again, straightforward) they allowed us and our clients to run the litigation as we saw fit, and paid our fees, and those of our third party service providers, promptly. In addition, their own strategic insight and litigation experience proved invaluable throughout the life of the case”.