One of Britain’s top hedge fund managers lost a legal fight over the salvage of $40 million of silver from the wreck of a ship sunk by a Japanese submarine in World War II. The UK’s Supreme Court on Wednesday declared that the South African government could assert state immunity in a suit brought by a company controlled by hedge fund chief Paul Marshall. At stake was a cargo of 2,364 bars of silver, once destined for the South African Mint, that lay hidden two and a half kilometers below the surface of the Indian Ocean for decades until it was found and lifted by Marshall’s Argentum Exploration Ltd. The firm had ... (full story)