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Feltex Claim progresses to SC Leave hearing
Feltex Claim led by Eric Houghton progresses to Supreme Court (SC) Leave hearing Wednesday April 5 2017
Press release
• Eric Houghton's application for Leave to appeal to the Supreme Court (SC) has received considerable support from the Qualifying Shareholders he represents
• The Supreme Court has scheduled an oral hearing of the Leave application for April 5, 2017.
The attached pdfs will be uploaded later today at
http://www.wilsonmckay.co.nz/feltex-claim/
All previous decisions in Houghton v Saunders are available at the above web link.
Background pdfs and description
1. The Houghton led claimants, being some 3,639 Qualifying Shareholders who lost their investments in the failed 2004 Feltex IPO, have been invited by the Supreme Court (SC) to present their case for Leave to appeal to the Supreme Court the decision of the Court of Appeal dated 12 October 2016
for the COA decision being appealed refer http://www.wilsonmckay.co.nz/wp-content/uploads/2017/01/Feltex_CA5782014J.pdf
2. An updating letter was sent to the Qualifying Shareholders in January 2017, setting out the grounds for the SC appeal.
3. The SC was recently updated on the response from the Qualifying shareholders
4. The median loss suffered by the claimants in 2004 is equal to the current NZ average KiwiSaver balance of around $14,000 and in total the claim, inclusive of costs and interest, is now over $200 million.
2017_01_12_Feltex_SC_update.pdf
2017_03_16_SC_updating_memo.pdf
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