London | Exchange-traded funds pioneer Graham Tuckwell has been ordered by a Jersey court to stump up $8.5 million to cover the legal fees of three US private equity firms who waged a long-running battle to wind up his company, ETFS Capital.
The Melbourne-based philanthropist and former AFR Rich Lister is required to pay half the firms’ legal bills, set at £9.4 million ($17 million), starting with an initial payment of almost £1.2 million, following a late-April court ruling released on Friday.
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Hans van Leeuwen is international economy editor for The Telegraph UK. He was previously The Australian Financial Review’s Europe correspondent.
