CBL Corporation Ltd Shareholder Class Action
Omni Bridgeway is funding proceedings in the High Court of New Zealand against CBL Corporation Limited (CBL) on behalf of shareholders who acquired CBL shares in the period between 7 September 2015 and 8 February 2018 inclusive (Relevant Period) and held some or all those shares at the close of trade on 8 February 2018. Omni Bridgeway is working with Glaister Ennor Lawyers in Auckland and a Counsel team lead by Philip Skelton QC.
Background
CBL is the ultimate parent company of CBL Insurance Limited (CBL Insurance), a New Zealand insurer which engaged in the underwriting of French construction insurance. Through a 2015 initial public offering (IPO), CBL was dual-listed on the New Zealand Exchange and Australian Securities Exchange. In February 2018, CBL Insurance was placed into interim liquidation by the High Court of New Zealand following an application by CBL Insurance’s prudential regulator, the Reserve Bank of New Zealand. Shares in CBL were suspended from trading on 8 February 2018. By May 2019, both CBL and CBL Insurance were placed into liquidation.
Cause of Action
The claim alleges that at the time of CBL’s IPO in September 2015 and at all times up until the suspension of CBL shares in February 2018, CBL breached disclosure requirements imposed on it by the Financial Markets Conduct Act 2013 (NZ) (the Act). The claim alleges that CBL’s breaches of the Act have caused loss and damage to CBL shareholders. Further confidential information about the cause of action is provided as part of the sign-up process.
Participating in the case
This is an opt-in proceeding. This means the Class Action is brought only on behalf of eligible shareholders who entered into a litigation funding agreement with Omni Bridgeway prior to the 14 October 2020.
Current Status
On 21 August 2020, the Court made orders approving the Omni Bridgeway funded action’s application to bring the representative action on behalf of claimants.
The Court in New Zealand set a ‘hard deadline’ of 14 October 2020 (New Zealand time) to opt-in to the class action by returning a signed Funding Agreement to Omni Bridgeway. As such, registrations to participate in the CBL Corporation Limited Class Action are now closed.
If you would like any further information about the CBL Class Action please contact Omni Bridgeway by email at [email protected] or call 1800 016 464 (within Australia) or +61 8 9225 2322 (outside of Australia).