CBL Corporation

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.

There is a Court-ordered deadline of 14 October 2020 to opt-in and join the class action. To opt-in to the class action eligible shareholders must sign a Funding Agreement with Omni Bridgeway by 14 October 2020.

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.

How much will it cost to be part of the class action?

The class action will be run on a no win - no pay basis, with all costs fully underwritten by Omni Bridgeway. If you sign a funding agreement with Omni Bridgeway, you will not have to pay any fees unless the claims are successfully resolved. Omni Bridgeway will pay the other side's legal costs if the class action is unsuccessful.

Current Status

The Court in New Zealand has 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 this deadline has been set by the Court, Omni Bridgeway is not able to extend it. 

How do I sign up?

If you acquired shares during the Relevant Period and held some or all of those shares at the close of business on 8 February 2018, you can sign up by clicking on the "Sign Up" button below. If you have any queries, you can contact the Omni Bridgeway Client Liaison Team by email on [email protected] or call 1800 016 464 (within Australia) or + 61 8 9225 2322 (outside of Australia).

The claim is open for sign-up and CBL shareholders are encouraged to complete the online sign-up process or return their documents to Omni Bridgeway by no later than 14 October 2020 (New Zealand time)..