The Times on 8th March reported that a claim against a Glasgow law firm linked to a failed hedge fund has been dropped. Paul Duffy, a liquidator with Ernst & Young, had been suing Levy & McRae solicitors after the collapse of Heather Capital, amid allegations that £90 million had gone missing. However, the last action in the case has been abandoned in the Court of Session in Edinburgh. The Heather fund was established on the Isle of Man in 2005 by Gregory King, a lawyer turned financier. After it failed 5 years later, an Isle of Man court judgement likened it to a Ponzi scheme.