Investment managers who promise investors returns on a “best efforts” basis must prove they did their best to effect such returns if they want to avoid liability in the event of a loss, a judge has ruled.Judge Brian Alleyne, in Grenada, issued his ruling earlier this year in legal proceedings involving a group that promised a 100 per cent return on $1.4 million for ten consecutive months and failed to deliver.
‘Best efforts’ in an investment contract means just that, rules judge
23 years ago
Topics
Fraud Grenada InvestmentKeywords
Brian Alleyne Daniel TePoel Ernest Wilkinson Garry Milosevich IMC Group