Hipgnosis Songs Fund seeks court order to secure indemnity from Mercuriadis

Follows Mercuriadis' refusal

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...