A Federal Court judgment has laid out when a responsible entity of a managed investment scheme will be indemnified for its operating costs and when it can recoup legal costs in defending lawsuits brought over trust property.
Managing partner of HWL Ebsworth Juan Martinez has lost his bid for an order for costs against a former capital partner in a $4.4 million suit after the partner unsuccessfully sought to have the law firm boss named as representative defendant.
A judge won’t make HWL Ebsworth managing partner Juan Martinez the representative defendant in a former partner’s $4.4 million lawsuit against the firm, saying Martinez’ interests and those of the other partners could diverge.
The managing partner of HWL Ebsworth, who has been targeted in a lawsuit by a former equity partner over the law firm’s aborted IPO, is resisting efforts to be named as representative defendant in the case.
National law firm HWL Ebsworth expelled a former equity partner ahead of its failed initial public offering specifically so he would not participate in the IPO and āothers would benefit to a greater extentā, a court has heard.