A hedge fund manager meets an investor at the drinks reception of a crowded conference. After a brief conversation, the investor becomes interested in finding out more and they swap business cards. The following week, the investor emails the hedge fund manager and after a few months of discussions and due diligence ends up investing in the fund.

But one year on, things have become complicated. The hedge fund did not perform well and the investor is suing to get its original investment back. The case hinges on the fact that the hedge fund did not have regulatory approval to market in Europe. Suddenly, the crucial questions being asked include: who handed whom their business card first? Who started the conversation? Did the conversation consist of anything that could be construed as marketing?