Hipgnosis Music Limited takes SONG and Mercuriadis to High Court

Not insured on costs

Merck Mercuriadis, founder of Hipgnosis Songs Fund (SONG), SONG’s investment adviser, and SONG itself have been served proceedings by Mercuriadis’ former company over an alleged “diversion of business opportunities”.

Hipgnosis Music Limited, of which Mercuriadis was a director when it was ordered to shut down in 2018, has served all three parties with High Court proceedings, the trust revealed today. The claimant alleged there was "a diversion of business opportunity from Hipgnosis Music Limited" to the company and the investment adviser - Hipgnosis Song Management Limited - and that the company "unlawfully assisted Mercuriadis with, or received, this alleged diversion". Failed continuation vote leaves Hipgnosis Songs manager in a 'do or die' position The initial disclosure of the potential cla...