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Article: BNZ sues New Zealand Exchange for $4.4 million.

Article from:
Australasian Business Intelligence
Article date:
September 12, 2005
Copyright

Byline: Tina Morrison

Sep 12, 2005 (The Australian Financial Review - ABIX via COMTEX) -- The Bank of New Zealand (BNZ) claims that theNew Zealand Exchange's negligence led to abrokerage's collapse. BNZ is suing the

Exchange and accountants Deloitte ToucheTomahatsu, saying that the two entities wereduty-bound to protect stockholders' funds,but failed to do so in the case of AccessBrokerage. Access collapsed in 2004 with an overdrawn investor-funds account, and BNZlater had to pay Access clients $NZ4.8m.BNZ, a subsidiary of National Australia ...

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