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HHH Employee Trust - Settlor awarded its costs on the trustee indemnity basis

February 2013 - Finance. Legal Developments by Ogier .

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Jersey's Royal Court has delivered a landmark decision on the ability of non-trustee fiduciaries to recover costs that they have incurred in connection with the discharge of their fiduciary functions. In the HHH Employee Trust1, the Court found that the costs of administrative proceedings incurred by a settlor with reserved fiduciary powers were recoverable out of the trust fund on the "trustee indemnity" basis.