The financial regulator and Milford Asset Management portfolio manager, Mark Warminger, have been allotted a two-day period late in October to restage their legal battle.
A spokesperson for the Auckland High Court said the Financial Markets Authority (FMA) v Warminger appeal “has a hearing date of 24 and 25 October 2017”.
The FMA came out on top in the original bout winning on points after Justice Venning ruled Warminger had breached market manipulation standards in two out of 10 charges brought by the regulator.
At the time, Rob Everett, FMA chief, said: “Market manipulation threatens our core objective of promoting fair, efficient and transparent financial markets. For investors to participate confidently in our markets we need to target and respond to misconduct,” Everett said in the statement. “That is what this case was about.”
Warminger filed an appeal against the High Court decision on March 31 with the FMA lodging a counter-appeal on April 18. The regulator’s cross-appeal would include another crack at “some of the claims that were dismissed”, an FMA spokesperson said in April.
Earlier this month, Justice Venning handed Warminger a $400,000 fine for the market manipulation breaches, or about a quarter of the financial punishment sought by the FMA.