Feltex directors seek identity of UK funder for class action, want Gavigan ousted

Wed, 15 Aug 2012

By Paul McBeth Aug 15 (BusinessDesk) - The directors for failed carpet maker Feltex want to know the identity of a British backer for the looming class action, and are seeking to oust Tony Gavigan, the driving force behind the proceedings, the Court of Appeal heard today. The directors of the company at the time of its 2004 float don't have enough assurance their costs will be covered if they successfully defend the class suit being brought by Feltex shareholder Eric Houghton on behalf of some 3,000 other investors, their counsel David Coope...

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