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Judgment

JP Morgan Multi-Strategy Funds and Deutsche Bank AG v The Macro Fund Ltd and IIU Capital Ltd - Ruling

G 0425/2002; G 0616/2002; G 0624/2002; G 0494/2002 · 2004-04-27

Discovery delays; Application for costs; Duty to cooperate; Overriding objective

Full metadata
Cause Number G 0425/2002; G 0616/2002; G 0624/2002; G 0494/2002
Court CIGC (Civ)
Judge Levers J
Parties JP Morgan Multi-Strategy Funds and Deutsche Bank AG v The Macro Fund Ltd and IIU Capital Ltd - Ruling
Judgment Date 2004-04-27
Subject Discovery delays; Application for costs; Duty to cooperate; Overriding objective
Filename (current) 04-04-27-JP-Morgan-Multistrategy-Fund-v-The-Macro-Fund-Ltd.pdf
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In the Grand Court of the Cayman Islands — Civil Division
Cause No. G 0425/2002; G 0616/2002; G 0624/2002; G 0494/2002
Between
JP Morgan Multi-Strategy Funds and Deutsche Bank AG
- v -
The Macro Fund Ltd and IIU Capital Ltd - Ruling
Before
Levers J
Judgment delivered 2004-04-27

IN THE GRAND COURT OF THE CAYMAN ISLANDS CAUSE NO: 425 OF 2002 CAUSE NO: 616 OF 2002 CAUSE NO: 624 OF 2002 BETWEEN:

J.P. MORGAN MULTI-STRATEGY FUND, L.P.

J.P. MORGAN MULTI-STRATEGY FUND II, L.P.

J.P. MORGAN MULTI-STRATEGY FUND, L.P.

J.P. MORGAN MULTI-STRATEGY FUND II, L.P.

J.P. MORGAN MULTI-MANAGER STRATEGIES FUND

LOCKHEED MARTIN CORPORATION MASTER RETIREMENT TRUST

HFI INVESTMENTS, LLC Plaintiffs AND: 1. THE MACRO FUND LIMITED 2. THE MACRO FUND (U.S.) LTD. 3. IIU CAPITAL LTD. Defendants CAUSE NO: 494 OF 2002 BETWEEN: DEUTSCHE BANK AG Plaintiff AND: 1. THE MACRO FUND LIMITED 2. IIU CAPITAL LTD. Defendants BEFORE: MADAME JUSTICE PRIYA LEVERS Appearances: Counsel for IIU Capital Ltd: Mr. K. Farrow of Quin & Hampson Counsel for Marco Fund: Mr. M. Imrie of Maples & Calder Counsel for JP Morgan: Ms. I. Pierce of Walkers Heard: 14th & 16th April, 2004 RULING Levers J. Counsel for the Defendants submits that in the application for discovery in the JP Morgan matters, although discovery has been completed, it took so long and the Plaintiffs were so delinquent that the question of costs should be addressed by this court. The submission he makes is that the parties and their attorneys have a duty to cooperate with each other and help the court to further the overriding objects of the rule. He sites several examples of the difficulties he’s had in obtaining the requested information. He states that the process for discovery was not pursued with dispatch and therefore submits that costs should be awarded in favour of the Defendants. Counsel for the Plaintiffs submits that costs should not be awarded against the Plaintiffs as they had to undertake time consuming research in order to provide the discovery material to the Defendants. She further submits that the Defendants were not deliberately delinquent. While the delay of the Defendants is not to be excused there are times when haste has to made slowly. This is such a time. I therefore refuse the application for costs against the Plaintiffs. Dated this 27th day of April 2004 Judge.

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