LONDON (CelebrityAccess) — Hipgnosis Songs on Monday revealed that it was seeking to idemnify itself against a potential liability to founder Merck Mercuriadis over a previously disclosed legal claim against the music royalty fund’s investment advisor.
Hipgnosis Music Limited (HSL) served proceedings in November against investment advisor Hipgnosis Songs Management and founder Mr Mercuriadis, that alleged the “unlawful diversion of the Hipgnosis business opportunity by Mr Mercuriadis to the Company and the Investment Adviser.”
Hipgnosis Music Limited are seeking to recover a substantial but as yet unquantified sum under the claim. Hipgnosis Songs said they have become aware that HSL has secured funding to pursue litigation.
As a result, Hipgnosis Songs Limited appointed Kastle Solicitors, independently of the other defendants, to review the claim.
Additionally, HSL said it plans to seek an indemnity from Mr Mercuriadis and Hipgnosis Songs Management against any liability that might be incurred by the company resulting from the actions of Mr Mercuriadis or Hipgnosis Songs Management.
