By Elliot Gulliver-Needham Hipgnosis Songs Fund has launched legal action against its fund manager Hipgnosis Songs Management (HSM) and founder Merck Mercuriadis. The music royalties trust said that HSM had refused to protect it against potential liabilities from claims brought by former business partners of Mercuriadis that accuse him of stealing the idea for Hipgnosis in 2018. Mercuriadis and HSM said they plan to vigorously defend the claims and they are without merit, but the trust said it was “concerned” that a request for indemnity was refused. Therefore, the trust said it was now planni…