Dealer group Professional Investment Services (PIS) has settled a class action initiated by the Australian Securities and Investments Commission (ASIC) flowing from the collapse of Westpoint.
The settlement, if approved by the Federal Court, will result in compensation being paid by PIS to clients affected by the Westpoint investment, although PIS has not admitted any liability.
The settlement will see clients who were part of the class action identified and written to providing details of the compensation they will receive and giving them an opportunity to object to the terms of the settlement.
If the court approves the settlement, PIS will pay ASIC, which will then distribute the compensation.
