The acrimonious legal battle between Alex Turnbull and his father Malcolm’s former business partner, Russel Pillemer, has come to an end, with the ex-prime minister’s son forking out half a million dollars in legal costs after calling it quits.

The case was finalised at the 11th hour, right before a scheduled hearing before the NSW Court of Appeal on Thursday, with both sides prepared to go to war over an allegation made by Turnbull that his family was misled into accepting cash for repayment of a loan made to Pengana Capital Group in 2017.

The former prime minister’s son launched legal action in 2020 through a business named Maurtray, which he owns with his sister, Daisy Turnbull, seeking $12 million from Pengana, where Pillemer was chief executive.

But things hit a snag last year when Justice Kate Williams found Turnbull had a “willingness to lie” during cross-examination and gave false and self-serving evidence.

Turnbull had sought to appeal that decision to the Court of Appeal but, on the day of the litigation, decided against another drawn-out legal battle.

When CBD contacted Turnbull on Thursday he declined to comment but those close to the case said he’s already made good and paid the $500,000.

The lawsuit provided an insight into elite business and political circles in Sydney, and included allegations that Malcolm Turnbull had sought to conceal his financial assets during his political career by giving a $6 million “gift” to his children.

CBD hears Alex Turnbull felt the litigation was no longer worth the risk. But months ago, he felt optimistic enough about his chances to retain a gold standard legal team, helmed by eminent barrister Bret Walker, SC, and featuring his father’s former legal adviser Daniel Ward.