01:09 PM EDT, 03/12/2025 (MT Newswires) -- Barrick Gold (GOLD) was ordered by London's High Court to pay $2 million plus expenses to Hannam & Partners for work on the merger with Randgold Resources, media reports said Wednesday, citing the court ruling.

Hannam & Partners sought up to $18 million for work on the deal that closed in 2018, while Judge Simon Gleeson ruled that "no contract to provide investment advisory services was ever made," Reuters reported. The firm's early work in promoting the transaction still "conferred a valuable benefit" for both mining companies, the judge wrote, according to the report.

The decision was "a seminal judgment for the investment banking industry with a substantial award of fees for work undertaken on a handshake, despite the fact there was no written contract," Hannam & Partners Chief Executive Officer Neil Passmore said, according to Reuters.

Hannam & Partners was awarded "the amount Randgold proposed to pay in September 2018 for its limited involvement in the transaction," Barrick said, according to Reuters.

Barrick Gold and Hannam & Partners didn't immediately respond to requests for comment from MT Newswires.

Price: 18.33, Change: -0.13, Percent Change: -0.68