Lawyers arguing claims brought by former Southern Petroleum investors against oil giant Shell in New Zealand’s longest-running insider trading case say it could be Christmas before a decision is reached.
Posts Tagged ‘Insider Trading’
Thus the plaintiffs in the just-completed case were Rosemary Haylock, a Southern Petroleum shareholder, Stuart Cairns and Hugh Green and the defendants Jim Patek and Shell Exploration. Shell is responsible for all the plaintiffs’ and defendants’ costs.
The case is the first insider trading case to make it to the High Court and last year shareholder spokesman Tony Gavigan said getting the matter to trial had cost about $8 million, similar to the amount he claimed Shell had spent defending the case.
Multimillion dollar lawsuit against Shell longest running insider trading case in New Zealand: trial resumes today, 19 May 2008
Former Southern Petroleum investors, who are seeking tens of millions of dollars from oil giant Shell in New Zealand’s longest running insider trading case, have been told the price paid for their shares could have been up to 14 times greater.
Five weeks have been put aside for the court hearing of the action by 700 former Southern shareholders who are suing Shell Exploration New Zealand…