Australian Court Rules Against JP Morgan (JPM) On Dispute Over Advisory Fees
March 18, 2010 6:35 AM
According to a report by the Financial Times, JP Morgan (NYSE: JPM) lost a dispute over advisory fees, which related to a takeover defense, after an Australian court dismissed the case on Thursday.
The court dismissed JP Morgan’s A$50.8 million claim, which related to Consolidated Mineral’s takeover defense. Consolidated Mineral was acquired by Palmary Enterprises, which is owned by Gennadiy Bogolyubov, a Ukraine based billionaire. The company was acquired after a takeover battle, which involved Pallinghurst and Territory Resources along with Palmary Enterprises. The court dismissed JP Morgan’s claims saying that Consolidated Minerals owed the bank A$19.25 million, which it had already paid.
Consolidated Minerals said, “This is a great decision. We can now concentrate on creating value and longevity at the Woodie Woodie manganese mine.” JP Morgan did not make any comments on the court’s decision.
