7 Oct 2008
HOUGHTON AND ANOR V SAUNDERS AND ORS HC CHCH CIV-2008-409-000348
- Citation
- openlaw-9e0964d0_a90e_468a_9af5_f955804db069.pdf
- Court
- High Court
The Court held the representative order should be limited to the first plaintiff's IPO claims (buying on the IPO date) and the opt-out direction should be rescinded and replaced with an opt-in procedure; claims in negligence and for breach of fiduciary duty brought by the second plaintiff (post-IPO purchasers) are struck out as disclosing no reasonable cause of action; the JAFL funding agreement is champertous but does not presently amount to an abuse of process warranting a stay; applications for further particulars are adjourned and security for costs deferred until class composition is fix…