Court of Appeal boots out appeals against shareholders' class action

Fri, 23 Nov 2012

Nov 23 (BusinessDesk) - Attempts by the former directors of the failed carpet-maker Feltex to halt a class action by 2,852 shareholders who lost $250 million have been thrown out by the Court of Appeal. All five appeals against the class action started by Feltex shareholder Eric Houghton were rejected in a judgment issued by the court today, clearing the way for the class action seeking repayment of shareholders' original investment to proceed. Feltex made an initial public offering of shares in mid-2004 and by December 2006 was in liquidat...

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