Fletcher v National Mutual Life Nominees Ltd - [1990] 1 NZLR 97

Tort — Negligence — Duty of care — Trustee for depositors — Auditor — Joint tortfeasors — Contributory negligence — Following the collapse of a company which had carried on business as a money market operator and had invited subscriptions from the public, the depositors sued, for breach of trust, the trustee which had accepted appointment in accordance with the Securities Act 1978 — Trustee joined auditor as third party claiming contribution as joint tortfeasor and seeking damages for breach of duty of care by auditor to trustee — Trustee admitted breach of trust and settled claim with depositors — Whether trustee's liability to the depositors arose only from breach of its duty as a trustee — Whether the fact that certain of the clauses in the trustee's deed of trust were also deemed by legislation to be contained in every trust deed meant that the trustee's breach was the breach of a statutory duty — Whether breach of trust was also a breach of duty of care by trustee to depositors — Whether auditor was a joint tortfeasor on claim by depositors — Whether trustee had separate right to claim damages from auditor for breach of duty of care to trustee — Whether trustee's right to claim damages against auditor was barred because of its admitted breach of trust — Securities Regulations 1983, reg 24 — Contributory Negligence Act 1947, s 3 — Law Reform Act 1936, s 17.