Sir John Key named in US insider trading lawsuit

Former prime minister Sir John Key says "there is no merit" to claims raised in a lawsuit against him and other directors of cybersecurity company Palo Alto.

Sir John is one of 12 directors named in legal documents filed in the US District Court in California on 19 April.

In a statement to RNZ, Sir John said the copycat lawsuits brought by three shareholders were based on "unproven allegations".

"Such lawsuits are not uncommon in the United States, hence why this action has received very little media coverage offshore."

Sir John said he did not consider the claims to have any merit.

"Palo Alto Networks has very strict share trading policies for its senior management and directors, in line with SEC guidelines.

"At all times I have followed these rules."

Sir John said he would make no further comment given the matter may well now be before the courts.