Credit Suisse Private Equity Inc and another v Eric Meserve Houghton and others - SC 100/2012
Summary
Civil Appeal – Limitation periods – Whether the Court of Appeal erred in finding that representees’ individual claims had been brought when the first respondent filed his claim on a representative basis – Whether the Court of Appeal erred in finding that representees did not have to opt in to the proceedings before limitation periods expired in order to bring timely individual claims[2012] NZCA 545 CA204/2011
Result
Leave to appeal is granted on the following ground:
Are the claims of some or all of the shareholders represented by the First Respondent (Mr Houghton) time-barred by virtue of limitation provisions in the Limitation Act 1950 or the Fair Trading Act 1986?
8 April 2013
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The appeal is dismissed.
Costs of $25,000 are awarded to the first respondent plus usual disbursements (to be set by the Registrar if necessary). The appellants and the second and fourth respondents are liable jointly and severally for the costs and disbursements. We certify for second counsel.
9 April 2014
Additional Information
Hearing date : 15 October 2013
Elias CJ, McGrath, Glazebrook, Arnold, Gault, Anderson JJ.