Ashby & Geddes Obtains Injunction in Favor of Hedge Funds

Ashby & Geddes recently obtained a preliminary injunction in the Court of Chancery for its clients, TowerHill Wealth Management, LLC and three hedge funds it manages, prohibiting a former investor from pursuing binding arbitration of disputes over the investor’s redemption of membership interests in the hedge funds.  In an August 22, 2008 bench ruling, Vice Chancellor Leo E. Strine, Jr. held that the defendant, The Bander Family Limited Partnership, LP, had improperly commenced binding arbitration against TowerHill in contravention of the operating agreements governing the three hedge funds.  In an October 9, 2008 letter opinion, Vice Chancellor Strine denied the defendant’s application for certification of interlocutory appeal and motion for a stay pending appeal.  A team of Ashby & Geddes attorneys from the firm’s Corporate Litigation and Counseling practice group, including Stephen E. Jenkins, Richard I. G. Jones, Jr. and Lauren E. Maguire, is representing TowerHill and the hedge funds in the on-going litigation, captioned TowerHill Wealth Management, LLC. v. The Bander Family Limited Partnership, L.P., C.A. No. 3830-VCS.  You may view a transcript of the Court’s bench ruling here and a copy of the letter opinion here.