He was once the hunted debtor. Now New Zealand property developer Dave Henderson is pursuing the appointed liquidator of his collapsed Property Ventures group, arguing that the amounts paid to liquidator Robert Walker and the litigation funder that backed him “are appalling.’
The temperature of the debate around class actions and litigation funding is heating up in New Zealand. The country’s biggest litigation funder LPF has sent a letter to the Law Commission in which it voiced its dismay over the “volume and shrillness in much of the recent negative commentary.” LPF also provided the Commission with statistics showing that of the 29 funded cases that have been settled in the last ten years, litigation funders’ profit has amounted to only 6% of the amount awarded or paid in settlement.
Investors in the failed Ross Asset Management (“RAM”) Ponzi scheme have “reached an agreed settlement” with ANZ Bank that ends a case in which investors were claiming more than $50 million from New Zealand’s largest bank. The case against ANZ alleged that it breached its duties as banker to RAM, that it was negligent in managing the RAM bank accounts and for actions of knowing receipt and dishonest assistance in relation to payments made by RAM through the ANZ. LPF Group funded the investors’ claim.