We have been funding litigation since 2009, here are a few of our notable cases:

CBL Class Action

About the Case:

LPF Group is funding the CBL Class Action being brought on behalf of the shareholders of CBL Corporation Limited (“CBL”) against the directors to recover the significant financial losses they suffered as a result of the company’s collapse in 2018.

Key shareholders, including leading institutional investor Harbour Asset Management and Australian based Argo Investments Limited are both named as representative plaintiffs of the class action. Forsyth Barr is recommending to clients, who were shareholders in CBL, to join the action.

LPF Group is working with a highly experienced New Zealand based legal team who specialise in commercial litigation and class actions and have a deep understanding of the New Zealand legal and regulatory framework. The legal team include Justin Smith QC, Mike Colson and Jonathan Orpin-Dowell together with law firm Meredith Connell.

Current Stage:

A Statement of Claim was filed in the Wellington High Court on 1 November 2019. Eligible shareholders in CBL Corporation can register to join the claim via www.cblclassaction.co.nz. 

 

Intueri Education Group Limited

About the Case:

LPF Group is funding the Intueri Class Action being brought on behalf of the shareholders of Intueri Education Group Limited (“Intueri”) against the promoters and directors to recover the significant financial losses they suffered as a result of the company’s collapse in early 2017.

LPF Group is working with a highly experienced New Zealand based legal team who specialise in commercial litigation and class actions and have a deep understanding of the New Zealand legal and regulatory framework. The legal team include Neil Campbell QC, Zane Kennedy together with law firm Adina Thorn Lawyers Limited.

Current Stage:

Shareholders can register their interest to join the class action. 

 

Kiwifruit Claim

About the Case:

The Kiwifruit Claim represents 212 kiwifruit growers and post-harvest operator Seeka. LPF Group is funding the legal action to hold the NZ Government to account for what they alleged was negligence in allowing the bacterial kiwifruit vine disease Psa-V (also known as Psa 3) into New Zealand in 2009.

The Psa incursion devastated the New Zealand kiwifruit industry with growers losing an estimated $885m. The claim is beign heard in two distinct stages - the first stage is to establish negligence which once successful will be followed by stage 2 which will establish compensation. 

LPF is working with Alan Galbraith, Q.C, one of New Zealand's leading barristers and the highly experienced legal team from Lee Salmon Long.  

Current Stage:

In June 2018, the High Court found the Ministry for Primary Industries was negligent in allowing the deadly Psa disease into New Zealand. The Court of Appeal heard the Government appeal and the Kiwifruit Claim cross-appeal in March 2019. 

 

Mainzeal

About the Case:

LPF Group is funding the liquidator action against the former directors of Mainzeal. Liquidators, BDO allege that the directors breached their director duties under the Companies Act, and recklessly allowed the company to trade while it was facing serious financial problems and was insolvent.  This case is about the standards of governance and care owed by company directors in New Zealand towards a company’s creditors.

Current Stage:

In February 2019 the High Court found the directors of Mainzeal negligent in allowing the company to trade while insolvent and awarded damages of NZ$36m. The directors have appealed the High Court decision and the liquidators have filed a cross-appeal. These appeals are expected to be heard by the Court of Appeal in April 2020. 

When the company collapsed in 2013, unpaid subcontractors and creditors were owed NZ$115m. 

 

Ross Asset Management Class Action

About the Case:

LPF Group is funding the investor class action against ANZ Bank. Investors allege that ANZ breached its duties as banker in managing the Ross Asset Management bank accounts and for actions known as "knowing receipt" and "dishonest assistance". 

 

Ross Asset Management collapsed in 2012, owing investors in excess of NZ$100m. 

Current Stage:

Investors have until 31 January 2020 to sign up to the class action. A preliminary hearing has been scheduled for March. It is expected the case will be heard in the Wellington High Court in 2021. 

 

Pepperwood Mews

A claim involving structural and weather tightness defects on behalf of a body corporate in Auckland and its over 30 owners. The claim alleged negligence in respect of defendants Auckland Council and Housing New Zealand. The claim was successfully resolved prior to trial.

Walker v Forbes

A large insolvency claim arising out of the collapse of the Property Venture Limited group of companies, based in Christchurch and Queenstown. The claim of negligence and breach of director’s duties, and negligence by the auditors, PWC, was brought by the liquidator. The claims took over 6 years to resolve and required the briefing of overseas based experts. The claims were successfully resolved prior to trial.

 

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