Time running out for Tranz Rail claimants, regulator says

Time is running out for shareholders of the former railroad operator Tranz Rail to claim compensation under the $27.5 million settlement of the insider trading case.

Shareholders eligible for compensation have three weeks left to register their claims, according to a statement from the Securities Commission. Of 535 shareholders identified in April as having yet to come forward, 147 have subsequently contacted the commission. Those remaining have until July 24 to make a claim. 

The Commission reached a settlement on the Tranz Rail insider trading case with in June 2007, with some $17.3 million having been paid over to 30 counterparties.

The High Court subsequently instructed the commission to distribute the remainder of the settlement funds to Tranz Rail shareholders who held shares on Feb. 8 and Feb. 12. 

Businesswire.co.nz

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