In the courts
Corporate trustees do not have a duty to vet the accuracy of prospectuses
In a recent High Court case, it was determined that trustees of debt issues do not owe a duty to potential
subscribers, or to roll-over investors, to ensure that the contents of a prospectus are true under the Securities Act.
Lombard Finance directors lose their appeal and gain increased sentences
The Court of Appeal has upheld the convictions of the former directors of Lombard Finance, and has increased their sentences.
Incomplete financing statement invalid
The High Court has held that an incomplete financing statement is invalid.