Hipgnosis Songs fund (SONG) has set out plans to bring its claim to the High Court against Merck Mercuriadis, in a bid to seek full indemnity.
In a stock exchange notice today (26 February), the trust said it has been informed Mercuriadis "is refusing to indemnify the company against liabilities which may arise from his alleged misconduct". Hipgnosis Songs investment adviser refuses to indemnify trust against potential litigation damages As a result, the trust will bring a Part 20 Claim in the High Court - a mechanism allowing a defendant to seek contribution from third parties. The move follows an attempt to secure indemnity from both Mercuriadis and Hipgnosis Songs Management - SONG's investment adviser, which is majori...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
