(July 13 – 17:35) – C.I. Fund Management Inc. said today that the temporary restraining order issued on July 1, against Derek Webb by a United States District Court in Houston, has expired and will not be extended by the court.
In a press release, C.I. stated that as under their previously-reported partnership, C.I. and Webb are free to create, manage and market the Landmark Canadian Fund, the Landmark Global Fund and the C.I. American Managers Fund, expected to be launched next week (subject to regulatory approval).
Webb is also free to continue managing the $727 million C.I. American Fund.
C.I. executive vice president Peter Anderson says that it’s up to AIM Fund Management Inc., Webb’s former employer, to decide whether to continue pressing the suit it filed alleging breach of contract. Anderson says that C.I. moved for a change of venue to California, Webb is based in San Francisco, from Houston, where AIM is based. He says that if the suit goes ahead it will likely be in California, and that’s up to AIM to decide. AIM officials couldn’t be reached for comment.
-IE Staff