F&C loses FoHF High Court case

F&C may be forced to make a multi-million pound payout after it lost a case against two founding partners of its fund of hedge funds business.

The pair, Francois Barthelemy and Anthony Culligan, held put options in relation to their minority interest in F&C Partners, F&C's majority-owned fund of hedge funds business, which is now closing. F&C's Alternative Investment Holdings subsidiary had sought a declaration on the validity of the exercise of these options. The pair had sought an order that F&C AIH buy out their interest at either the put option price of £7.8m, a price based on hypothetical profits, or a price determined by the Court. "F&C is disappointed to note the Court has held the put options were validly exercise...