Cayman’s bitter Tangerine

The Court of Appeal’s ruling in the case of vicarious liability brought against DMS, which claims to have ‘the most complete fund governance platform’ in Cayman, for the alleged wilful neglect against Dawn Cummings, leaves more questions than answers.

This case goes back a very long time. The NED first covered it in November 2012; a lot has been written about it since then.

In summary; Dawn Cummings was an Executive Director with DMS from May 2010 until September 2018. During her time with DMS she was an independent director of Tangerine Investment Management, the investment manager for funds established by Axiom which provided loans to English law firms, before its collapse in 2012. When it collapsed there were various allegations of fraud.

To read more on this story see the May issue of The NED.