The Court of Appeal has reopened the door for the Bank of New Zealand to try to recover money it paid out to Access Brokerage clients who incurred losses when the discount sharebroker collapsed in 2005.
Access, an online brokerage, went into liquidation four years ago after a
$5 million shortfall in client funds was discovered.
BNZ jointly underwrote the shortfall in funds with the sharemarket operator New Zealand Exchange, but with Access' liquidators, took NZX to court to recover the money it had paid out.
The High Court struck out the claim in 2006 but yesterday the Court of Appeal overturned that decision and awarded costs against NZX and auditors Deloittes, who inspected Access' records before it collapsed but did not discover the extent of the firm's problems.
Meanwhile, former Access managing director Peter Marshall, who faces a series of Serious Fraud Office charges relating to the firm's collapse, has challenged a Wellington District Court decision that he is fit to stand trial. This week Marshall's lawyer asked the High Court to review the decision. The judge has reserved his decision.
