Judgement of £100k goes against the head of Ebullio Capital Management, Lars Steffensen, who failed to appear at court.
A judge ordered that Lars Steffensen, Founder and Managing Partner of Ebullio Capital Management, pay a former Partner and employee some £86,000 in outstanding severance Payments and about £14,000 for costs of litigation.
Steffensen failed to appear for the trial, and evidence was presented that he had been notified.
It’s been a long, expensive road to get to this point...
Because Steffensen did not appear to present his case, the judge found for the claimant in a 20-minute hearing, which had been scheduled to last a full day.
Judge Heather Baucher said: “Having not attended the trial, and the court being satisfied that he (Steffensen) had due notice by email it is hereby ordered that the defence is struck out.”
The claimant had earlier told Finance Magnates outside the court that he had been promised severance pay of £100,000 upon leaving Ebullio in 2014. Some payments were made, but subsequently discontinued.
“It’s been a long, expensive road to get to this point, and it shouldn’t have taken this long,” the claimant said. “We’ve had three court hearings, we’ve had a costs hearing, we’ve had a summary judgement hearing, and now we’ve had a trial ⎼ none of which Ebullio has submitted any evidence to, or shown up for. They’ve not engaged or shown any interest at all.”
George Woodhead, barrister for the claimant, told Finance Magnates after the hearing: “The claim succeeded by default on two bases: number one, that there had been a failure to comply with a court order, namely that he had not filed a witness statement in time or at all; and the second one, that he had failed to attend trial despite evidence suggesting that he knew about the trial date.”
It is the latest in a string of legal entanglements for the commodities hedge fund, which has applied to cancel its FCA authorisation. The judgements against Ebullio so far this year will be flagged in credit checks or require disclosures to investors conducting due diligence.
In a recent shareholder letter, dated 31 May, 2016, Steffensen wrote: “We have continued to labour on our only remaining task, namely the realization of our mining assets into cash, so that we can pay you, the shareholder your last statement value as calculated by Ifina.
...there had been a failure to comply with a court order...
“We now have a sufficiently clear picture on what is doable, so we can confirm a hard date for pay-out on all outstanding, outside investor shares. The pay-out will be on Friday 30 September 2016.”
The shareholder letter did not mention any legal actions, one which dates back to May 10 when a former investor received a court order to enforce a £150,000 judgement by the Financial Ombudsman Service.
Steffensen did not respond to requests for an interview.
Peter Barker contributed to this report.
A judge ordered that Lars Steffensen, Founder and Managing Partner of Ebullio Capital Management, pay a former Partner and employee some £86,000 in outstanding severance Payments and about £14,000 for costs of litigation.
Steffensen failed to appear for the trial, and evidence was presented that he had been notified.
It’s been a long, expensive road to get to this point...
Because Steffensen did not appear to present his case, the judge found for the claimant in a 20-minute hearing, which had been scheduled to last a full day.
Judge Heather Baucher said: “Having not attended the trial, and the court being satisfied that he (Steffensen) had due notice by email it is hereby ordered that the defence is struck out.”
The claimant had earlier told Finance Magnates outside the court that he had been promised severance pay of £100,000 upon leaving Ebullio in 2014. Some payments were made, but subsequently discontinued.
“It’s been a long, expensive road to get to this point, and it shouldn’t have taken this long,” the claimant said. “We’ve had three court hearings, we’ve had a costs hearing, we’ve had a summary judgement hearing, and now we’ve had a trial ⎼ none of which Ebullio has submitted any evidence to, or shown up for. They’ve not engaged or shown any interest at all.”
George Woodhead, barrister for the claimant, told Finance Magnates after the hearing: “The claim succeeded by default on two bases: number one, that there had been a failure to comply with a court order, namely that he had not filed a witness statement in time or at all; and the second one, that he had failed to attend trial despite evidence suggesting that he knew about the trial date.”
It is the latest in a string of legal entanglements for the commodities hedge fund, which has applied to cancel its FCA authorisation. The judgements against Ebullio so far this year will be flagged in credit checks or require disclosures to investors conducting due diligence.
In a recent shareholder letter, dated 31 May, 2016, Steffensen wrote: “We have continued to labour on our only remaining task, namely the realization of our mining assets into cash, so that we can pay you, the shareholder your last statement value as calculated by Ifina.
...there had been a failure to comply with a court order...
“We now have a sufficiently clear picture on what is doable, so we can confirm a hard date for pay-out on all outstanding, outside investor shares. The pay-out will be on Friday 30 September 2016.”
The shareholder letter did not mention any legal actions, one which dates back to May 10 when a former investor received a court order to enforce a £150,000 judgement by the Financial Ombudsman Service.
Steffensen did not respond to requests for an interview.
BGC Group Secures Backing from Global Banks for New $600M Trading Platform
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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