Important Update for Qualifying Shareholders in the Feltex Claim

An important update is available by clicking here. It comprises the 20th December 2011 report of Senior Counsel Austin Forbes QC

Christchurch Press Covers the Feltex claim

Click here to read a copy of the Christchurch Press article on Feltex 3rd December 2011

Report of Senior Counsel Austin Forbes QC

Click here to read the report of Austin Forbes QC dated 20th December 2011

About Joint Action Funding Limited

Joint Action Funding Limited (JAFL) was established by Tony Gavigan in 2007 in response to Feltex shareholder demands to obtain a remedy for their IPO investment losses after Feltex collapsed in 2006. JAFL was structured to aggregate those shareholder claims and offer participation in a part of their claims as a financial incentive to professional backers to support the claim and underwrite it. This structure was ground breaking. Relying on the inherent jurisdiction of the Courts, Eric Houghton asked the High Court to approve the JAFL agreement in 2008, and the Court of Appeal upheld that approval in 2009. The opt-in terms were amended and then approved by the High Court in May 2010. In the claim Houghton v Saunders, Credit Suisse & ors, Eric Houghton currently represents approximately 1,800 shareholders claiming some $140m compensation including interest and costs. JAFL duly obtained substantial backing for the claim in June 2011, through London based Harbour Litigation Funding, and this backing is, in the opinion of Senior Counsel AJ Forbes QC, sufficient to complete the action and protect the class from exposure to adverse costs.