15 August 2011

Celebrities who mislead public may face fines (Celebrities news headlines)

Celebrities who mislead public may face fines
Stuff.co.nz reported

All Blacks great Sir Colin Meads says he would not do it again while former New Zealand cricketer John Morrison says he would, but no-one asks him any more.

They were responding to a draft bill on new securities legislation issued by Commerce Minister Simon Power that includes imposing huge fines on celebrities making false statements when endorsing financial products.

The draft bill includes penalties of up to $1 million for individuals and $5m for companies if they make misleading statements in a product disclosure statement and advertisements. Celebrities, however, would not face any liability if a product fails and if they have not made a misleading statement.

Concerned about exactly who would qualify as a celebrity, the Cabinet decided against banning their endorsements outright or penalising them if the financial products turned sour but they did not make incorrect statements.

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