US legislation bars Eric Watson claiming $16.7m for reputational damage

Eric Watson. (Image: Getty)

Fri, 16 Aug 2024

Eric Watson may need to hire a lawyer after the US Securities and Exchange Commission revealed its legislation this week prohibiting the New Zealander from making a counterclaim for damages concerning its charges against him of insider trading/tipping.The beleaguered former high-flier lodged a counterclaim with the US District Court for the Southern District of New York last month, seeking US$10 million (NZ$16.7m) as compensation for alleged “significant reputation damage and financial losses” incurred as a result of the US Securiti...

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