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The Court of Appeal has dismissed an appeal by a director and a senior employee of Weavering, a hedge fund investment adviser, in a US $450 million hedge fund fraud case. The appellants were found by the trial judge to have negligently breached their duties to Weavering by participating in and failing to prevent a massive fraud by the company's principal director, Magnus Peterson. Their central ground of appeal, which was rejected by the Court, was that the judge had erred in finding their breaches of duty causative of Weavering's loss.

Robert Anderson QC and Tom Richards acted for the Respondents, Weavering and its liquidators.