New Zealand Case Law: Decisions & Judgments | LexChat

Topic

Duties of trustees

Legal area

Court

25 Aug 2017

FINANCIAL MARKETS AUTHORITY v PRINCE & PARTNERS TRUSTEE COMPANY LIMITED [2017] NZHC 2059

Citation

[2017] NZHC 2059
Court

High Court

The Court approved the settlement under s41 because the admissions, public disclosure and the payment of NZD 4.5 million are within a reasonable range of the claimed losses when balanced against litigation risk and FMA resource considerations, and they advance the FMA's statutory objective and the public interest in accountable, transparent financial markets.
15 Mar 2016

MARK STEPHEN HOTCHIN v THE NEW ZEALAND GUARDIAN TRUST COMPANY LIMITED [2016] NZSC 24

Citation

[2016] 1 NZLR 906
Court

Supreme Court

Majority held that contribution under s 17(1)(c) depends on liability in respect of the same damage and that this requires identifying the overlap of legal liability (shared liability in respect of the same harm) rather than importing an additional narrow requirement that parties have identical or 'coordinate' duties; on the pleadings there was arguable overlap so the appellant's third‑party contribution claim could not be struck out and may proceed to trial (equitable contribution governed by the same same‑damage principle); final apportionment and just and equitable considerations remain fo…