Hipgnosis Songs investment adviser refuses to indemnify trust against potential litigation damages

Ongoing High Court litigation

Hipgnosis Songs (SONG) has said Hipgnosis Songs Management (HSM) has refused to protect the trust against potential liabilities stemming from the claim brought by Merck Mercuriadis' former business partners.

In a stock exchange notice today (19 February), the trust said it now intends to bring a part 20 claim in the High Court against its investment adviser HSM, in which it will seek a full indemnity.  "The company is concerned, having been assured by Mr Mercuriadis and the investment adviser that these claims are without merit and that they intend to vigorously defend them, that the request for an indemnity was refused," it said.  Hipgnosis Songs Fund seeks indemnity against potential liabilities from ongoing lawsuit SONG, which is not insured to cover the costs of the claim, said ear...