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Cases before the courts

Current at 18 April 2017

Prince and Partners Trustee Company Limited

This civil proceeding against Prince and Partners Trustee Company Limited (Prince) has been brought by FMA under section 34 of the Financial Markets Authority Act. In bringing the claim, FMA is exercising the rights of action of investors not covered by the Retail Deposit Crown Guarantee and the New Zealand Treasury. Prince was the trustee for finance company Viaduct Capital Limited (Viaduct). Viaduct collapsed in 2009. FMA alleges that Prince breached the obligations it owed to Viaduct investors and to the Treasury (the Crown) under the Retail Deposit Crown Guarantee.
29 June 2016

A trial date of 21 August 2017 has been allocated.

28 October 2015 A case management conference took place and further timetabling orders were made.
10 February 2015 A case management conference took place in the High Court at Auckland and timetabling orders were made.
3 September 2014 The Court made orders confirming that FMA may control these proceedings.
18 August 2014 FMA served civil proceedings on Prince.

 

Mark Warminger

The FMA has issued civil proceedings seeking pecuniary penalties against Mr Warminger for trading carried out between January and August 2014. The FMA alleges that MR Warminger’s conduct amounted to market manipulation in breach of s11B of the Securities Markets Act 1988.

18 April 2017 The FMA filed a cross appeal in the Court of Appeal.
31 March 2017 Mr Warminger filed an appeal in the Court of Appeal.
3 March 2017 High court decision was handed down by Venning J.
26 September 2016 The hearing commenced in the High Court at Auckland and concluded on 20 October 2016. The decision has been reserved.
13 November 2015 The matter was called at the Auckland High Court and timetabling orders were made.
6 October 2015 A hearing date has been allocated for this matter in the Auckland High Court on 26 September 2016.
18 September 2015 The FMA has filed a statement of reply.
7 September 2015 Mr Warminger has filed a statement of defence.
27 June 2015 The FMA filed and served civil proceedings against Mr Warminger seeking pecuniary penalties for alleged breaches of the Securities Markets Act 1988 relating to trading carried out between December 2013 and August 2014 which the FMA alleges amounted to market manipulation.