PIS ordered to pay $5.9 million
Professional Investment Services has until November 30 to pay $5.9 million in compensation for clients the group placed into Westpoint investments.
PIS settled the class action initiated by the Australian Securities and Investments Commission (ASIC) relating to the Westpoint collapse earlier this month. The Federal Court today approved the settlement, allowing the compensation to investors to be made. PIS has admitted no liability.
The $5.9 million will be distributed equally to investors based on the capital they had invested. The members of the group action will recover 62.5 per cent of their original capital, a statement from ASIC said.
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