RESEND: FMA files suit against Prince and Partners as trustee of failed Viaduct Capital

Tue, 19 Aug 2014

(Fixes typo in headline) Aug. 20 (BusinessDesk) - The Financial Markets Authority has filed civil proceedings against Prince and Partners Trustee Co over its role as trustee of failed finance company Viaduct Capital, the first such case the FMA has taken against a trustee company. Viaduct collapsed in 2009 owing 110 investors some $7.8 million. The markets regulator alleges Prince breached its obligations to Viaduct investors and to the Treasury under the Retail Deposit Crown Guarantee. The claim alleges Viaduct's conduct "resulted in los...

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