Court of Appeal verdict hands 'significant saving' to F&C

F&C has made a "very significant saving" after the Court of Appeal reduced the amount the group has to pay to two hedge fund managers following a 2011 High Court case.

The original case related to a dispute over F&C Partners, F&C's majority-owned fund of hedge fund business, regarding minority owners Francois Barthelemy and Anthony Culligan's attempt to exercise a put option requiring F&C buy out their stake in the business in February 2009. A July 2011 judgement found the "overall victors" to be Barthelemy and Culligan, with F&C ordered to pay each of the defendants £3.9m. F&C's appeal centred on the rates of interest the Court ruled it pay on the judgement sum and the defendants' costs, with the hedge fund managers making a cross-appeal for higher...