Element Six trustees not to pursue plaintiffs for High Court costs

Company indemnified trustees

 Mr Justice Peter Charleton: ruled  that the trustees of the Element Six defined benefit pension scheme acted reasonably and in good faith. Photographe Dara Mac Dónaill

Mr Justice Peter Charleton: ruled that the trustees of the Element Six defined benefit pension scheme acted reasonably and in good faith. Photographe Dara Mac Dónaill

Fri, Feb 7, 2014, 01:00

The pension scheme trustees who successfully defended a High Court action taken by some its members for breach of trust will not be pursuing the plaintiffs for legal costs.

Earlier this week, Mr Justice Peter Charleton ruled that the trustees of the Element Six defined benefit pension scheme acted reasonably and in good faith when they agreed in November 2011 to wind up the fund and accept a final contribution of €37.1 million from the company. Over 100 members of the scheme sued them for breach of duty as a result of the decision.

At a brief hearing yesterday, the trustees’ lawyers told the High Court that they would not be pursuing those who took the action for costs as the company had already agreed to indemnify them.