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Delaware Court Provides Instruction on When to Seek Discovery in Hedge Fund Case

Wimbledon Fund LP - Absolute Return Fund Series v. SV Special Situations Fund LP, C.A. No. 4780-CS (Del. Ch., Dec. 22, 2011), read letter ruling here. Read summaries of prior Delaware decisions in this matter here.

This is the latest iteration of several prior Delaware decisions in this case involving a hedge fund that sought to withdraw its investment in an LP.  In sum and substance, this latest installment addresses the reasons why the Court decided to shift fees, and make the plaintiff hedge fund responsible for the fees of the defendant based on, primarily, the litigation tactic of the hedge fund not to seek discovery after a cross-motion for summary judgment was filed, and to appeal the loss of a summary judgment motion without referring to additional evidence that the plaintiff had in its file. The Supreme Court remanded and required the trial court to allow the record to be supplemented and directed the trial court to conduct an additional hearing based on that new evidence.

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Read more Delaware business litigation case summaries and commentary on Delaware Corporate and Commercial Litigation Blog, a blog hosted by Francis G.X. Pileggi, of Eckert Seamans.

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