NZX has been ordered to pay almost $A35,500 to RALEC, an Australian group of companies, RALEC.
The Country Court of Victoria ordered the payment, plus interest and costs, to account for the costs incurred by RALEC shareholder, Grant Thomas, during six months of employment with NZX between November 2009 April 2010.
NZX purchased the Clear Grain Exchange for $A6.4 million from RALEC in 2009 and used its technology and expertise to build its dairy futures trading platform.
But the relationship quickly soured. The directors left and things turned bitter after NZX sued Clear's owners for misleading and deceptive behavior, arguing it had contributed to a substantial decline in the value of the grain exchange.
NZX says the latest court ruling clears the way for it to concentrate on more substantive matters to be heard in the High Court at Wellington.
