Credit Sails' oldies save Forsyth Barr, Credit Agricole from courtroom

Wed, 06 Mar 2013

By Paul McBeth March 7 (BusinessDesk) - Brokerage Forsyth Barr and French bank Credit Agricole avoided a lawsuit over the sale and promotion of the disastrous NZX-traded Credit Sails notes because the regulator deemed a settlement would return more to the mostly retired investors. Commerce Commission chairman Mark Berry told media the $60 million settlement announced in December was in the best interests of the investors who were largely in their 70s and may have had to wait another two or three years before seeing any return from a prosecuti...

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