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CBL Insurance's shareholders sign up to sue directors


New Zealand-based CBL Insurance Ltd.'s shareholders are signing up for a class action lawsuit against the insurer's former directors, Stuff reported. The lawsuit will claim that CBL allegedly made false or misleading statements in its initial public offering documents in September 2015. In its IPO prospectus, the insurer said that it has adequate financial reserves to meet its insurance obligations and failed to subsequently correct the misleading statements.

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