The New Zealand Financial Markets Authority has reached a full and final settlement with CBL Corporation Limited (in liquidation), resolving the regulator’s civil claims relating to the insurer’s 2015 initial public offering. The proceedings arose following CBL’s NZX listing in October 2015 and its collapse in February 2018, when it was valued at $750 million. The settlement follows the FMA’s recent settlement of its case against CBL director Mr Harris, and the FMA said it took the action in response to concerns about misleading or inadequate information provided to investors. With the settlement agreed, the parties will proceed to a pecuniary penalty hearing before the High Court.
New Zealand Financial Markets Authority 2026-04-16
New Zealand Financial Markets Authority settles with CBL Corporation over 2015 IPO claims ahead of High Court penalty hearing
The New Zealand Financial Markets Authority has reached a full and final settlement with CBL Corporation Limited (in liquidation), resolving its civil claims relating to the insurer’s 2015 initial public offering and NZX listing. The action followed CBL’s collapse in 2018, when it was valued at NZD 750 million, and concerns about misleading or inadequate information provided to investors. The parties will now proceed to a pecuniary penalty hearing before the High Court.