Milford Asset Management agreed to pay $1.5 million to settle with the Financial Markets Authority over alleged market manipulation by one of its traders, rather than become embroiled in what could have been a prolonged legal battle, managing director Anthony Quirk says. Quirk told BusinessDesk the settlement was “essentially a commercial decision”. The Auckland-based fund manager denied claims it’s liable for any breaches of the …

Milford Asset Management has agreed to pay $1.5 million to the Financial Markets Authority over claims the high-profile fund manager engaged in market manipulation. The Auckland-based firm will pay $1.1 million in lieu of a penalty and $400,000 to cover the market watchdog’s costs, while denying it’s liable for any breaches of the Financial Markets Conduct Act, the FMA said …

Beef + Lamb New Zealand says it won’t proceed with a joint market development body because meat companies and exporters baulked at paying half of the $8 million cost. The decision by meat processors to continue funding their own marketing rather than putting up some $4 million for a joint effort with Beef + Lamb means the farmer owned industry organisation …