ASIC settles Westpoint compensation litigation

ASIC today [Tue 1.2.2011] announced that it had reached agreements to settle the actions it has conducted on behalf of the Westpoint Group of companies against certain directors of the companies and an accounting firm. ASIC said the settlement would involve $57m being made available in the next 30 days with the balance available to the liquidators of the relevant companies subject to a number of conditions which are confidential. In all, ASIC said investors are expected to see a return of around $160m to $170m of the $388m in losses following today’s settlement.

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