Court Report: A win for Warminger?
Hamish McNicol chalks one up for market manipulation-accused Mark Warminger. With special feature audio.
It was the accused who came away with the “essence” of victory in the first stages of what is only New Zealand’s second market manipulation case.
Mark Warminger, who is on extended leave from Milford Asset Management, last month applied for the “very confusing” Financial Markets Authority case against him to be better particularised.
The FMA, however, contended its case, which includes 10 causes of action against Mr Warminger, was “abundantly clear.”
Milford has already agreed to pay $1.5 million to settle FMA allegations relating to its role in the alleged manipulation.
And last week, Justice Raynor Asher sided with Mr Warminger, although not to the full extent he may have hoped.
The FMA was ordered to amend its “unduly conclusory” case, but Mr Warminger’s requests were also labelled “too broad” and likely to make the claim “very complex.”
His lawyer, Mike Heron, QC, later told NBR they had got the “essence” of what they were asking for.
Follow NBR on Facebook, Twitter, LinkedIn and Instagram for the latest news and free on-demand audio from NBR Radio.
NBR Radio
Thu, 16 Jun 2016
Thu, 16 Jun 2016
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Court Report: A win for Warminger?
59123