The directors and promoters of Feltex’s 2004 IPO have been awarded $3.1m plus disbursements after defending allegations that investors were misled. Because the case was funded by litigation funders, however, the award will be met by the funders rather than the plaintiff personally. Further, while the judge awarded costs above the normal scale in certain respects, he rejected the defendants’ argument that the plaintiff’s funded status meant that they were entitled to recover 100% of their costs against the losing party.
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