The Supreme Court of New South Wales has ruled the fee dispute between Consolidated Minerals Ltd. and JPMorgan Morgan Chase & Co Ltd. in favor of Consolidated Minerals today. In its order, the Court has awarded JP Morgan just $A19.25 million while the investment bank had demanded $A50.8 million in fees.

The dispute between the two companies was over the fees for advising Consolidated Minerals in its $A1.36 billion takeover by Palmary Enterprises in 2008. However, JP Morgan says it may consider appealing the ruling.

The NEW Supreme Court awarded today JP Morgan total transaction fees of about $19.25 million. Consolidated told the Court that it had already paid $A20 million to JP Morgan and the bank had accepted that fees. The Court said further that JPMorgan should be satisfied with the $A20 million fees offered by Consolidated as final settlement shortly after it was taken over by Ukrainian group Palmary Enterprises in January 2008.

"The ruling was a victory for companies and shareholders burdened by excessive contractual terms imposed by investment banks," said Gennadiy Bogolyubov, chairman of Consolidated Minerals.

On the other hand, JP Morgan said that it believes there are strong grounds for appeal and was currently assessing its response.