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March 25, 2008 |
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BRIDGECORP LTD: Offers Settlement or Court Battle to Advisers According to Jenni McManus at Sunday Star Times, Bridgecorp Ltd.'s investors are set to offer the company's more than 30 financial advisers two options: settlement or a lawsuit. More than 100 disgruntled investors, Ms. McManus relates, are currently working with their lawyers in pursuit of the advisers that put their money in the company. The investors asserted that they lost their money because they were advised that the Bridgecorp investments were guaranteed, underwritten by Lloys of London when in fact they weren't, Star Times says. Some of investors alleged that they were not given adequate or any information about the risk, the report adds. New Zealand-based Bridgecorp was placed in receivership on July 2, 2007, after failing to pay principal due to debenture holders. John Waller and Colin McCloy, partners at PricewaterhouseCoopers, were appointed as receivers. The company owes around 1,800 debenture holders, which liquidators estimate hold approximately NZ$500 million. |
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