29 May 2013
EATON AND MARSHALL v LDC FINANCE LIMITED & Ors [2013] NZHC 1242
- Citation
- [2013] NZHC 1242
- Court
- High Court
The Court held that Eaton and Marshall were de facto trustees with fiduciary duties and, to remove doubt about the extent of their authority, formally appointed them under s51 of the Trustee Act; the Court further authorised them under s64 to enter into the conditional settlement negotiated on 6 March 2013 and to receive and dispose of the funds paid into Court, directing pro rata distribution to depositors and granting customary ancillary directions including confidentiality; the settlement was found to be a prudent exercise of trustee power given the real appellate risk to the fund.