FMA 'not approval body' for Du Val investors, court hears

The shuttered Du Val Verge apartment development. (Image: NZME, Jason Dorday).

Thu, 03 Jul 2025

The Financial Markets Authority (FMA) had no power to approve or not approve a Du Val share offer because it was an unregulated investment, the High Court has heard.On Thursday, the markets regulator asked the court to strike out a claim from Du Val investors that it breached its duties by not warning them the property development group was in trouble.The investors swapped their units in Du Val funds for shares in a new company just before the group’s $306m collapse last August, and blame the FMA for the loss of value of their shareholdin...

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