21 Sept 2006
BANK OF NEW ZEALAND AND ANOR V DELOITTE TOUCHE TOHMATSU AND ANOR HC AK CIV-2005-404-5095
- Citation
- openlaw-e6463686_08ef_4d13_9462_b55f58ba8872.pdf
- Court
- High Court
The Court struck out Access' contractual and tort claims and BNZ's tort claim. It held the NZX Inspector's contractual and statutory inspection duties were not intended to protect Access or its clients from losses caused by Access' own misconduct or managerial dishonesty; Access cannot show causation between any NZX breach and its losses, and BNZ's client claim lacks the necessary proximity and is negated by policy considerations (indeterminate liability, statutory scheme and market risk allocation). Judgment entered for NZX and costs awarded to NZX.