CORPORATE regulator ASIC has reached a sixth Westpoint settlement against Barzen Pty Ltd, formerly Dukes Financial Services Pty Ltd, and Joseph Dukes, for $1 million.
In April 2008, ASIC initiated class actions against Dukes to seek compensation for clients who invested in certain financial products issued by various companies within the failed Westpoint Group on the advice of Dukes (or its representatives). The claim alleges that Dukes negligently advised group members to invest in certain Westpoint products and engaged in misleading and deceptive conduct.
In the event the settlement is approved by the Federal Court, ASIC anticipates that 70% of the settlement sum will be distributed in January 2011 with the balance distributed in November 2011.
Australian Property Journal
