The Carlyle Case And Directors' Duties

A judgment handed down in September 2017 by the Royal Court of Guernsey cleared the Carlyle Group, Carlyle Investment Management, and TCGH (represented by Simon Davies of Ogier) together with its seven executive and non-executive directors of liability over the collapse of Carlyle Capital Corporation (CCC), a Guernsey investment fund that went into insolvency in the wake of the financial crash in 2008. Ogier were instructed by Williams & Connolly LLP of Washington DC.

The Plaintiffs pleaded more than 187 claims against the Defendants, including, inter alia, breaches of fiduciary duties and duties of skill and care.

This article will focus on how the Judge dealt with the allegations relating to directors' duties, record-keeping and board minutes.