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.
A court has rejected claims by a former client of Tucker & Cowen that the law firm entered into a binding settlement of $150,000 to resolve a negligence and breach of contract lawsuit over legal costs incurred in a protracted spat over a Nigerian telecoms company.
A judge has allowed an assessment of Gadens’ legal costs in a dispute with a client over $665,000 in fees, saying while the application had been filed out of time, the law firm seemed to have done “little by way of compliance” with its costs disclosure obligations.