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Hipgnosis Songs has announced its intention to seek protection from founder Merck Mercuriadis regarding a legal claim launched by a former business against the music royalties fund, its investment adviser, and Mercuriadis.
The claim, initiated by Hipgnosis Music Limited (HML), alleges “a diversion of business opportunity” to the London-listed fund and Hipgnosis Song Management (HSM), founded by Mercuriadis in 2017.
The board of Hipgnosis has appointed solicitors to review the legal claim brought by HML in November.
The company stated that it was not insured against the cost of dealing with the claim.
The ongoing review seeks to assess the merits of the allegations and potential legal consequences.
As any company liability is attributed to Mr. Mercuriadis’ conduct and knowledge, Hipgnosis intends to secure an indemnity from Mercuriadis and Hipgnosis Songs Management against any potential liability incurred by the company.
This move is part of the company’s strategy to address the legal challenge and safeguard its interests.
In a recent development, Merck Mercuriadis has stepped down as the CEO of Hipgnosis Song Management. He will now assume the role of chairman, a newly created position within the company.
Mercuriadis, known for managing notable bands and artists, has been a key figure in the music industry.
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