Few Florida residents ever imagine spending $50,000 each month on their child support payments. Yet, that is exactly what a hedge fund manager in New York has been ordered to do after he failed to successfully negotiate new terms for his monthly payments to his ex-fiancee. The woman, whose father is the former head of the venerated HSBC Bank, argued that her ex-fiance had attempted to circumvent a ruling out of Hong Kong. However, the foreign court's decision was affirmed by the Manhattan Supreme Court in July.
In addition to making future child support payments, the 48-year-old man will also be responsible for paying more than $570,000 in overdue child support, including interest and legal fees. The woman, a Hong Kong socialite, had the upper hand after a ruling by an overseas court. The Manhattan court rejected a number of protests from the man's attorneys, who argued that the foreign court did not deserve full consideration under the existing doctrine of comity.