New Power List entrant in the forthcoming 2024 LawFuel Power List includes former Simpson Grierson Chair Anne Callinan, now Deputy Chair at the Commerce Commission.
Her role with the Commerce Commission further strengthened the firm’s involvement with government regulatory work after raising eyebrows with their appointment to handle the civil claims against failed insurance company CBL.
Simpson Grierson acted for the Financial Markets Authority in the claims against CBL Corporation and its directors, a role that would normally have been expected to go to the Crown warrant holders in Auckland, Meredith Connell.
However, for their troubles, Simpson Grierson billed over $5 million for six years’ work on the FMA case against CBL. Total costs to external parties was almost $8 million.
CBL Corporation went into liquidation in 2018 after having listed on the NZX in 2015 and having a market valuation of almost $750 million. Kiwisaver investors and others lost money and the Reserve Bank received heavy criticism for failing to protect investors in the company.
In June this year the FMA achieved a court settlement, with penalties still to be determined, after taking action regarding the initial offer documents made by the company and its executive directors.
A second proceeding involved the company and the independent directors in respect of failure to make continuous disclosures, allegeding misleading and deceptive conduct.
Simpson Grierson, which acted in the defamation case taken against LawFuel on behalf of now-deceased Russian oligarch Sergey Grishin, is now chaired by employment lawyer Phillipa Muir.