Money for justice: Costing CBL's demise

Mon, 10 Aug 2020

The Financial Markets Authority had already spent more than the value of its entire 2018/2019 litigation budget on fees for its two cases against CBL Corporation, before it had even filed proceedings at the end of last year.Millions of dollars are being spent on high-powered lawyers in the wake of the company’s collapse. The NZX-listed insurer was once worth $747 million and creditors are owed $179.4 million.The FMA is just one regulator being billed for the case, which has attracted a multitude of claims and is expected to throw up sever...

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