Guernsey's Court of Appeal has upheld the judgement that none of the USprivate equity giant The Carlyle Group, including its investment manager, Carlyle Management LLC, or the directors of Carlyle Capital Corporation, were responsible for the Guernsey investment fund Carlyle Capital Corporation going into insolvency during financial crash in 2008.

The judgment was handed down on April 12 and upholds the first instance judgment that the directors of Carlyle Capital Corporation (CCC) were not in breach of their duty of skill and care or their fiduciary duty and that CCC's investment manager, Carlyle Investment Management LLC (CIM) was not in breach of its contractual or tortious obligations.

The Carlyle Group and Carlyle Investment Management was represented by Ogier partner Simon Davies and won the civil case in September 2017 after a six-month trial. The case was considered to be the largest in Guernsey's history by financial value, duration, and number of documents filed, valued at nearly $2 billion, with more than 187 claims pursued against Washington DC-based investment firm The Carlyle Group and CCC’s seven executive and non-executive directors. The Royal Court's judgment has now dismissed all claims considered at trial against each of them

McNeill JA, delivering the judgment of the Court of Appeal, said: "However startling the history of [Carlyle Capital Corporation's] short life appears at first sight, its failure was the result of circumstances beyond the control of any board of directors."

Simon Davies, added: “After a long and thorough process leading to a very clear judgment in September 2017, the result of this appeal further vindicates The Carlyle Group entities, and demonstrates once more that they acted entirely properly, and in the interests of Carlyle Capital Corporation, its shareholders and it creditors.”