LPF Group successfully funded the Intueri Class Action brought on behalf of the former shareholders of Intueri Education Group Limited (“Intueri”) against the promoters and directors to recover the significant financial losses they suffered as a result of the company’s collapse in early 2017. The claim alleged, breaches in the IPO materials and subsequent breaches of continuous disclosure obligations. The claim was settled without admissions of quilt.

The claim was run by a highly experienced New Zealand based legal team who specialise in commercial litigation and class actions. The legal team includes Mike Ring KC, Zane Kennedy KC, and law firm Cuncannon Partners.

About the Case:

LPF Group funded the liquidator action against the former directors of Mainzeal. Liquidators, BDO, allege that the directors breached their director duties under the Companies Act, and recklessly allowed the company to trade while it was facing serious financial problems and was insolvent. This case is about the standards of governance and care owed by company directors in New Zealand towards a company’s creditors.

Current Stage:

The Supreme Court issued its decision in August 2023, ruling in favour of the plaintiffs and confirming that the Directors had breached both S135 and S136 of the Companies Act in trading the company whilst insolvent. The Courts awarded damages totalling $39.4m plus interest from 2013.

About the Case:

LPF Group successfully funded the CBL Class Action brought on behalf of the shareholders of CBL Corporation Limited (“CBL”) against the directors to recover the significant financial losses they suffered as a result of the company’s collapse in 2018.

Key shareholders, including leading institutional investor Harbour Asset Management and Australian based Argo Investments Limited are both named as representative plaintiffs of the class action. Forsyth Barr is recommending to clients, who were shareholders in CBL, to join the action.

LPF Group is working with a highly experienced New Zealand based legal team who specialise in commercial litigation and class actions and have a deep understanding of the New Zealand legal and regulatory framework. The legal team include Justin Smith KC, Mike Colson and Jonathan Orpin-Dowell together with law firm Meredith Connell.

Settlement Approved:

The High Court approved settlement terms on behalf of the eligible shareholders with over 75 million shares in CBL Corporation in September 2023. Payment has now been made to eligible shareholders.

About the Case:

LPF Group have funded plaintiffs for a Class Action for both ANZ’s and ASB’s admitted breach of the CCCFA. (Credit Contracts and Consumer Finance Act 2003). This case has been about significant compliance failures that the Banks reported to the Commerce Commission. It is alleged that as a result of the Banks compliance failures effected customers are entitled to refunds of interest and fees paid to their banks pursuant to the CCCFA.

Current Stage:

On 19 July 2024 the Court of Appeal confirmed the ASB and ANZ representative plaintiffs have leave to bring their proceeding on an opt out basis. It also held that the Court has jurisdiction to make a common fund order and granted the common fund orders sought by the plaintiffs from the date of the judgement.

More information on the claims can be found at www.bankingclassaction.com