A long-running, multi-million dollar court case involving stock exchange operator NZX and Melbourne-based Ralec Commodities has ended with no winner.
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The High Court has upheld some of the claims and counter-claims of the two sides but said because there was no material loss neither should get any damages or costs.
NZX and Ralec Commodities started the action in 2011, and spent nearly three months in court this year arguing about NZX's purchase of the Clear Grain Exchange in 2009.
NZX claimed the sellers misrepresented how strong the business was, and that it failed to perform to expectation.
Ralec counter-claimed that the NZX starved the business of promised resources.
NZX claimed nearly $21 million in damages and Ralec counter-claimed for about $19 million.
Justice Robert Dobson ruled some of the claims from both sides were proven, but said neither party suffered any material loss.
"It was a case of a very willing-seller, and a very willing-buyer," the judge said.
"This probably contributed to both sides materially overstating their position in pre-contractual dealings with the other."
He called the result a "nil-all draw" and awarded no damages, leaving both sides to cover their own costs.
Before the case came to court the judge had rebuked both sides for what he called "regrettable initiatives" that distracted from the main issues.
NZX's chief executive Tim Bennett said they had tried to settle the issue before it went to court, which would have saved everyone considerable resources.
"Nevertheless, today's judgement combined with our recent divestment of the Clear business allows us to put this matter behind us and direct our resources to growing our business."
