MTAA Super burns millions in failed lawsuit

After failing to pressure Rickus into supplying the documents, MTAA Super launched proceedings against its ex-chairman in late 2007, arguing that he breached his fiduciary duty by not supplying the materials. When that case fell over, the MTAA Super claimed that Rickus should have provided the documents as an agent of the fund. This was also dismissed.

MTAA Super dropped the case in July 2008. But the court ruled that each party should pay their own legal costs. Rickus launched a cross-claim to recover his costs – including the legal advice he sought before MTAA Super initiated proceedings – which culminated in the February 26 judgment that his legal fees should be paid by the fund he once oversaw.

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Why markets won’t go back to normal after Iran

The war in Iran heralds a period of prolonged market and economic disruption rather than a “short, sharp shock”, according to BlackRock. But investors can’t afford to tear their eyes away from market shifts already underway before the war began.

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