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JAFL Partners Notes Big Moves In Class Actions In New Zealand – Crowd Offer Closes Friday 20th At 5pm
The Supreme Court upheld Houghton’s Feltex Claim in 2018 and clarified those findings in December 2019.
The Supreme Court made a clear cut ruling that pre-IPO sales in 2004 were bad and in that context the revenue projections given to the market were unrealistic.
The 3,639 Feltex Claimants have appealed the in-Lockdown May 2020 strike out of their claims to the Court of Appeal in CA322/20.
They are now meeting the High Court’s unless orders as detailed in an Appendix 1 filed last Friday at the Court of Appeal.
They want to have their $200m of Feltex claims quantified at a Stage Two High Court hearing next year. Earlier this year Justice Dobson gave them just seven weeks in lockdown to put up $1.65m of security for costs. He preferred the interests of the Feltex Directors saying they faced bankruptcy for making a mistake. In fact, they have $90m of adequate AIG/Chubb IPO & D&O insurance and Credit Suisse is also liable.
Yesterday’s Supreme Court news allowing Opt out is another break through in the NZ class action space, please refer
JAFL Partners Crowdfunding Offer at https://ccfl.co.nz/offerInfo/12 to fund Stage Two of the Feltex Claim has this week reached $518,600 which is 104% of the minimum for allotment.
- The Offer will close this Friday 20th November and then be alloted. A pdf copy of the Offer is attached .
- The final steps taken to achieve this and to now comply with Unless Orders 92a and 92b made on May 22, 2020 during lockdown are described in the attached Appendix 1, as filed in the Court of Appeal last Friday.
- A $150,000 investment in the Offer has been arranged by JAFL and Sir Paul Collins’ Active Equity Holdings Limited through its shareholder Jarden Custodians Limited.
Many Feltex Claimants and supporters have been waiting until the Offer reached this point to join in the investment. There are only 2 days left until the Offer closes. The project’s target timeline for success is 18 months to 2 years from now.
The investment is not risk free; however many of the risks faced as at 1 May 2020 have now been successfully addressed. Houghton’s team expects the Stage Two trial will take place mid 2021 once a Covid19 vaccine allows quarantine free travel to NZ by our expert witness https://houstonkemp.com/people/greg-houston/
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