Adrian Orr Initiates Legal Action Against Critic Michael Reddell

Former Reserve Bank Governor Adrian Orr has threatened legal action against prominent critic Michael Reddell, compelling a London-based financial news publication, Central Banking, to retract an article detailing Orr’s contentious resignation. The article, authored by Reddell, a former senior staff member at the Reserve Bank of New Zealand, raised allegations that Orr deemed defamatory.

Orr’s lawyer, Michael Heron KC, stated in a cease and desist letter that the article, published in September 2023, contained false statements that could harm Orr’s reputation. Central Banking was given a five-day deadline to remove the article from its website, which it complied with, although it did not issue an apology as requested. The publication noted that its decision to unpublish the article followed a review that concluded certain sections did not meet its editorial standards.

Reddell has also been instructed to delete the article from his personal blog, Croaking Cassandra. Both Central Banking and Reddell’s compliance with these demands has raised questions about the balance between freedom of expression and the rights of individuals to protect their reputations.

The legal threats come as Orr’s tenure at the Reserve Bank has been scrutinized, particularly regarding his handling of monetary policy during challenging economic conditions. Critics argue that his leadership style and decision-making have contributed to broader economic issues in New Zealand.

Reddell has been an outspoken critic of the Reserve Bank’s policies, often highlighting the implications of its actions on the economy. His blog has gained a following among those interested in central banking and financial policy, making his critiques particularly impactful.

The situation continues to develop as both parties assess their next steps. Legal experts suggest that the outcome will hinge on the specifics of the alleged defamation and the protections afforded to journalistic content under New Zealand law. Public interest in the case is likely to remain high, given the significant implications for both Orr’s reputation and the broader discourse on accountability in central banking.