IMF Bentham and Glaister Ennor announce the filing of an application in the New Zealand High Court in Auckland seeking leave to commence a class action against CBL Corporation (in liquidation)
CBL Corporation shareholders are invited to sign up to participate in the class action
AUCKLAND, 2 December 2019: International dispute financier IMF Bentham Limited (ASX:IMF) and New Zealand law firm Glaister Ennor announced today the filing of an application in the NZ High Court in Auckland seeking leave to commence a class action against failed NZ insurance company, CBL Corporation (in liquidation) (CBL), which will seek to recover compensation for shareholders of CBL.
CBL is the ultimate parent company of CBL Insurance Limited (CBL Insurance), a New Zealand insurer which engaged in the underwriting of French construction insurance. Through a 2015 initial public offering, CBL was dual-listed on the New Zealand Exchange and Australian Securities Exchange. In February 2018, CBL Insurance was placed into interim liquidation by the High Court of New Zealand following an application by CBL Insurance’s prudential regulator, the Reserve Bank of New Zealand. Shares in CBL were suspended from trading on 8 February 2018. By May 2019, both CBL and CBL Insurance were placed into liquidation.
The claim alleges that at the time of CBL’s IPO in September 2015 and at all times up until the suspension of CBL shares in February 2018, CBL breached disclosure requirements imposed on it by the Financial Markets Conduct Act 2013 (NZ). Specifically, it is alleged CBL did not disclose information about its French insurance business in a timely and accurate way. The claim alleges that CBL’s breaches of the Financial Markets Conduct Act have caused loss and damage to CBL shareholders.
How can CBL shareholders participate in the action
The litigation is being funded on a no-win-no-pay basis by IMF with all costs underwritten by IMF. Shareholders who purchased CBL shares at any time in the period between 7 September 2015 and 8 February 2018 are invited to visit www.imf.com.au/CBL to obtain more information and signup to participate in the action.
About Glaister Ennor
Glaister Ennor was established over a hundred years ago. It quickly grew into what it is today, a well-respected and highly regarded 14 partner New Zealand firm with long-standing ties to the property and investment communities in Australasia.