Cayman fund administrator settles hedge fund litigation for $19 million

UBS Fund Services (Cayman) Ltd. has agreed to pay $19 million to settle litigation brought against it as administrator of a failed offshore hedge fund that allegedly defrauded investors out of more than $200 million
The settlement agreement between UBS Fund Services, and Stephen J. Harmelin, as Receiver for Philadelphia Alternative Asset Management Company, LLC and related parties, including Cayman-domiciled Philadelphia Alternative Asset Fund LP, was entered into on January 30, 2008.