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In the News

Mainzeal directors failed first step of a crisis, Supreme Court told

Mainzeal liquidators Andrew Bethall and Brian Mayo-Smith are appealing the Court of Appeal ruling which found the directors’ decision to continue trading the company recklessly, while technically insolvent for nine years, did not result in a material loss to creditors. The directors include former prime minister of New Zealand, Dame Jenny Shipley. The liquidators are backed by the litigation funder LPF.

In the News

Access to justice or protecting the big end of town?

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.

In the News

The case against ANZ by investors in Ross Asset Management, who were claiming in excess of $50 million against the bank has ended in a confidential ‘agreed 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.

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