Investors backing the LPF suit own a combined 15.3 per cent of CBL – valued at $114.4m or $3.17 a share, the last price they traded at on NZX in February 2018.
Another of the major institutional shareholders, ACC, which owns 4.3 per cent of CBL, said it hasn't supported either suit and "we're still considering our options."
After months of refusing to name shareholders who had signed on to its suit, Glaister Ennor this week disclosed that the plaintiff will be Livingstone.
The last comprehensive list of CBL shareholders filed with the Companies Office shows Livingstone and Ryan Joseph Harvie, both of Hamilton, jointly owned 63,192 shares in March 2017.
Glaister Ennor said that "there is no link between Mr Livingstone and the directors of CBL.
"No director, or former director, or any relative or related entity of a director or a former director of CBL is permitted to be part of the group of shareholders that Mr Livingstone represents," it said in a statement.
"We will not be making any further comment at this stage."
However, there is a direct link between Glaister Ennor joint managing partner Jack Porus, the barrister hired to represent the IMF-backed suit, Philip Skelton, QC, and former CBL chair John Wells.
The three men sat on the same school trust board for a number of years.
Porus has previously said Wells resigned from the trust board before Glaister Ennor was instructed to advise on the CBL action.
"There have been growing calls for accountability from our shareholder clients, as well as industry leaders, following the collapse of CBL," Porus said this week.
"Glaister Ennor and Philip Skelton QC are answering those calls, with the support of IMF, in seeking compensation on behalf of those who have suffered significant losses as a result."
The statement, issued under IMF Bentham's letterhead, says the litigation will be funded on a "no-win-no-pay basis" and that IMF underwrites all the costs.
Although it was listed on both NZX and ASX since its float in September 2015, and based in New Zealand, CBL's principle business was selling construction insurance in France.