Credit Suisse Private Equity LCC v Eric Meserve Houghton

[2013] NZSC 25

IN THE SUPREME COURT OF NEW ZEALAND

SC 100/2012
[2013] NZSC 25

BETWEEN  CREDIT SUISSE PRIVATE EQUITY LLC
First Applicant

AND  CREDIT SUISSE FIRST BOSTON ASIAN MERCHANT PARTNERS LP
Second Applicant

AND  ERIC MESERVE HOUGHTON
First Respondent

AND  TIMOTHY ERNEST CORBETT SAUNDERS, SAMUEL JOHN MAGILL, JOHN MICHAEL FEENEY, CRAIG EDGEWORTH HORROCKS, PETER DAVID HUNTER, PETER THOMAS, JOAN WITHERS
Second Respondents

AND  FIRST NEW ZEALAND CAPITAL
Third Respondent

AND  FORSYTH BARR LIMITED
Fourth Respondent

Court:             Elias CJ and Chambers J

Counsel:         A S Olney and C J Curran for Applicants
A J Forbes QC and P A B Mills for First Respondent

Judgment:      8 April 2013

JUDGMENT OF THE COURT

Leave to appeal is granted on the following ground:

Are the claims of some or all of the shareholders represented by the First Respondent (Mr Houghton) time-barred by virtue of limitation provisions in the Limitation Act 1950 or the Fair Trading Act 1986?

Solicitors:
Russell McVeagh, Wellington for Applicants
Wilson McKay, Auckland for First Respondent