ANZIIF Liability Conference 2018
/On Wednesday 16th May, partner Philippa Fee was a speaker at the ANZIIF Liability Conference. Philippa spoke about developments in D&O Insurance. Her presentation and notes are embedded below.
Anti-money laundering rules to kick in shortly for lawyers and conveyancers
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‘Phase 2’ of the shake-up of New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) legislation is just around the corner.
From July 2018, lawyers, conveyancers, and trust and company service providers will need to begin complying with the AML/CFT Act’s strict reporting and monitoring requirements. Other entities that will come within the ambit of the Act include accountants from 1 October 2018, real estate agents from 1 January 2019, and the New Zealand Racing Board and high-value dealers from 1 August 2019.
Read MoreLegislative changes for brokers coming soon
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The legal and regulatory framework for insurance brokers (and other financial advisers) is set to change substantially when the Financial Services Legislation Amendment Bill is passed later this year.
The Bill has been drafted in response to a number of problems with the existing regime for financial advice, which was said to be “hindering investor confidence, participation in financial markets and informed decision making”. It is intended that the Bill will address these problems by ensuring consumers can access the financial advice they need and by improving the quality of financial advice provided.
Read MoreBest Friends Cocktail Evening
/Our Best Friends Cocktail evening was held on the 27th February at our new offices on Level 18. Friends from Clyde & Co offices in Australia, Singapore and beyond were present as well as Fee Langstone staff and clients.
Guests were offered a range of specially designed cocktails including Promissory Espresstoppel, Spritzgerald v Muldoon, Interim Ginjunction, Harvey Specter Wallbanger and the Donoghue v Stevenson.
The night ended with everyone braving the wind to enjoy a glass or two on the rooftop at Level 19 overlooking the harbour.
Many thanks to all who came, especially those from afar.
Fund Managers Canterbury Limited v AIG Insurance New Zealand Limited [2017] NZCA 325
/![Fund Managers Canterbury Limited v AIG Insurance New Zealand Limited [2017] NZCA 325](https://images.squarespace-cdn.com/content/v1/573e489c4d088e3dc5d18bcb/1522100811967-60Y5UYTWNXNS6MNTV3HI/raincoat+in+briefAsset+5.jpg)
This Court of Appeal decision asks whether a PI or D&O policy should respond to a claim against directors of a fund management company who allegedly negligently signed quarterly directors’ certificates and confirmations.
Read MoreDoig v Tower Insurance Limited [2017] NZHC 2997
/![Doig v Tower Insurance Limited [2017] NZHC 2997](https://images.squarespace-cdn.com/content/v1/573e489c4d088e3dc5d18bcb/1522033759053-UGOA467ZJUVFJGY9Q30H/profit+houseAsset+7.jpg)
Purchasers with assigned rights to an insurance claim for an earthquake damaged house argued unsuccessfully that their insurer was estopped from denying full replacement cover. The court found that the purchasers had still profited from the purchase, even if only paid indemnity value.
Read MoreReview of insurance contract law: terms of reference release
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This month, Minister of Commerce and Consumer Affairs Kris Faafoi released the terms of reference for a review of New Zealand insurance contract law.
Read MoreA case of bad timing
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Wellington City Council v Local Government Mutual Funds Trustee Limited [2017]
A leaky apartment building in Wellington has resulted in a $10m pay-out by the Wellington City Council, due to the Council’s failure to notify its insurer within a reasonable time frame.
Read MoreBuilding (Earthquake-prone Buildings) Amendment Act 2016
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Building (Earthquake-prone Buildings) Amendment Act 2016
The Building (Earthquake-prone Buildings) Amendment Act 2016 which came into force on July 1, 2017 brings radical changes to the methodologies by which local councils, engineers and building owners will carry out assessments and deal with earthquake-prone buildings. These changes are limited to commercial buildings and residential buildings that comprise of two or more stories and three or more household units.
Read MoreClyde & Co and Fee Langstone form association
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PRESS RELEASE TUESDAY 12 DECEMBER 2017
Global law firm Clyde & Co and New Zealand firm, Fee Langstone, have established a 'best friends' association. The two firms will work together, refer work to one another, and undertake joint marketing initiatives across the region as part of the arrangement.
Read MoreFee Langstone ranked in Top Tier
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The Legal 500 Asia Pacific 2018 rankings were announced last week and Fee Langstone is delighted to have been ranked as a Top Tier Firm for Insurance. Philippa Fee and Craig Langstone are listed in the elite "Leading Lawyers" list, The Legal 500 Asia Pacific 2018's guide to outstanding lawyers in Asia Pacific.
Virginia Wethey is listed in the "Next Generation Lawyers" list, recognising up-and-coming lawyers.
UK Supreme Court Makes Dishonesty Ruling on High Stakes Gambling Case
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When Mr Ivey won £7.7m at Crockfords casino over three consecutive nights, he could not believe his luck. However, the painstaking techniques Mr Ivey had used to win such a huge sum were called into question when the casino refused to pay out, claiming he had cheated. The UK Supreme Court determined that Mr Ivey had indeed cheated and took the chance to transform the test for dishonesty in criminal law and confirm the test for civil actions.
Read MorePrivilege for ‘without prejudice’ docs challenged in leaky building case
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Following recent changes to the Evidence Act, the court can lift privilege for documents made in connection with settlement negotiations or mediations—if it is ‘in the interests of justice’. This novel and ongoing leaky building claim tests out the new law.
Read MoreMPI Ordered to Release Details of Insurance Cover in Kiwifruit Case
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MPI has been ordered to release details of its insurance cover to a group of kiwifruit growers who are suing it for negligence. The High Court ruled that the availability of insurance to MPI for liability for biosecurity risks is relevant to deciding whether MPI held a duty of care towards the growers.
Read MoreLimitation periods – the crucial question of when tax liability arises
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For negligence cases initiated near the tail end of a limitation period, determining the ‘date of loss’ is often crucial. In this recent case concerning negligent tax advice, the Supreme Court considered whether a vendor’s income tax liability arose the moment they entered into an unconditional agreement to sell land, or only once settlement occurred.
Read MoreClient Function 2017: Fly with FL Airways
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On 2nd November Fee Langstone staff and guests enjoyed a relaxed evening at Everybody's. Partygoers relived the golden age of air travel, featuring retro hits from band Rocking Roller-Coasters and DJ Sal Valentine. Dance troupe Porkchop entertained us with their unique mix of traditional Samoan and contemporary dance moves.
Read MoreSupreme Court Introduces Uncertainty to Litigation Funding
/The Supreme Court has issued its judgment on a challenge, based on champerty principles, to the arrangements put in place by a litigation funder to fund an action against auditors and directors. In so doing it has introduced uncertainty to the law surrounding litigation funding, and potentially opened up new avenues by which such arrangements may be challenged in future.
Read MoreDefective Product: Holding Company’s duty to warn consumers
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Several hundred leaky building owners are claiming that companies in the James Hardie group have breached their duty to warn, inform and/or to take reasonable steps to withdraw defective cladding products. Two holding companies, not involved in the manufacturing process, applied for summary judgment to strike out the claim, but the Court has found the building owners have an arguable case.
Read MoreNew Zealand Insurance Law Association
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A number of our staff made the trip down to Wellington for this year’s NZILA Conference at Te Papa.
Read MoreTwo Causes - One Covered and One Excluded. Which Prevails?
/What happens when there are two concurrent causes of loss- one falling within the insuring clause and the other expressly outside it? The appeal has confirmed that where two causes of loss are effective and interdependent, the Wayne Tank principle applies, and the entire claim is excluded.
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