Lombard verdicts highlight directors' duties

The Financial Markets Authority has acknowledged the High Court's sentencing of four directors of Lombard Finance & Investments.

These verdicts, like those in the earlier Nathans Finance case, are a reminder to directors and their advisers that timely, accurate and meaningful disclosure to investors is an obligation which cannot be delayed or delegated to others. These responsibilities are hallmarks of New Zealand's disclosure regime.

Lombard Finance & Investments was placed in receivership in April 2008 owing $111 million to around 3,600 investors ... READ MORE

Released by Financial Markets Authority - 30 March 2012