ASIC reaches sixth Westpoint settlement
The Australian Securities and Investments Commission (ASIC) has reached its sixth Westpoint settlement against the financial planning firm Barzen and its former principal Joseph Dukes, for $1 million.
The regulator’s claim alleges that Barzen (then Dukes Financial Services) negligently advised group members to invest in certain Westpoint products and engaged in misleading and deceptive conduct.
This settlement, which was reached without admission of liability by Dukes, is still subject to the approval of the Federal Court. If approved, the Dukes’ settlement would result in compensation being paid by the firm to eligible investors.
In the event the settlement is approved, ASIC anticipates that 70 per cent of the settlement sum will be distributed early next year.
The regulator, which recently settled against Glenhurst Corporation and State Trustees, initiated class actions against Dukes in April 2008, to seek compensation for clients who invested in certain financial products issued by various companies within the failed Westpoint Group.
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