Excessive lawyer fees slashed in Feltex costs case

Excessive lawyer fees slashed in Feltex costs case
Tony Gavigan has been working on the Feltex case for years. (Image: supplied)
Denise McNabb
Former Feltex shareholder Eric Houghton has won a substantial reduction in costs for his long-running court battle against the failed carpet-maker after Justice Francis Cooke put costs and fees itemised by lawyers under the microscope.As a result, $2.17 million sought on behalf of former Feltex directors and vendor and promoter, Credit Suisse was pared to around $438,000 through a combination of cost reductions and the return of funds held as security.After a two-day hearing in the high court in Wellington before Christmas, Cooke agreed the def...

More Law & Regulation

Calibre Partners seeks buyer for Futureverse
Law & Regulation

Calibre Partners seeks buyer for Futureverse

The insolvency came just over two years after 50T Funds led a $54m funding round.

Gregor Thompson 08 Oct 2025
Former real estate agent Aaron Drever jailed for eight months
Law & Regulation

Former real estate agent Aaron Drever jailed for eight months

A disgraced real estate agent and convicted fraudster has been handed eight more months in prison for deception.Aaron Carl Drever is already behind bars for insolvency crimes, but was sentenced this week to more jail time for concealing income from the Official Assignee while an...

Staff reporters 08 Oct 2025
Philip Stevens named FMA's chief economist
Law & Regulation

Philip Stevens named FMA's chief economist

Philip Stevens has been appointed as the new chief economist of the Financial Markets Authority (FMA).With over 25 years of experience in economics, Stevens holds a doctorate in economics from the University of Oxford and has previously held directorial roles in economics at the...

BD AI 08 Oct 2025
ANZ vows to fight CCCFA class action despite ASB settlement
Finance

ANZ vows to fight CCCFA class action despite ASB settlement

“ANZ NZ will continue to defend its case. Our position hasn’t changed.” 

Andy Macdonald 08 Oct 2025