Failed Feltex case costs litigation funders $3.1M in costs, before disbursements

Fri, 27 Mar 2015

March 27 (BusinessDesk) - Former directors of Feltex Carpets and promoters of its 2004 initial public offering have been awarded a scaled-up $3.1 million in costs after being found not liable for alleged disclosure failings in its prospectus. Once disbursements are included, total costs could rise to $5 million, before costs associated with the actual costs of the hearing. In a judgement last September in the High Court at Wellington, Justice Robert Dobson found in favour of the defendants on all of numerous causes of action. Feltex inves...

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