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.

Leave a Comment

Why UniSuper’s John Pearce thinks the data centre party is winding down 

The demand for AI driving data centre construction might be “insatiable”, but the chief investment officer of the $166 billion UniSuper thinks that investors could be taking on technology debt and misreading the regulatory tea leaves as they rush to buy digital infrastructure.

Sort content by