13 Jun 2017
LYNDS v FITZHERBERT ROWE [2017] NZHC 1297
- Citation
- [2017] NZHC 1297
- Court
- High Court
The firm (Fitzherbert Rowe) breached its fiduciary duty of undivided loyalty by acting for Lynds and for Mitchell/MCDC/Tui without obtaining Lynds' informed consent when, by 1 June 1989, material information existed about Mitchell's precarious financial position; that non-disclosure caused Lynds to enter the Pegasus stallion borrowing which produced compensable losses; the claim was not statute-barred (discoverable in 2006) nor defeated by laches; equitable compensation is payable (preliminary estimate ~NZD1.3m) with prescribed interest, final quantum to be fixed following submissions.