Forsyth Barr, Credit Agricole settle with regulator over Credit Sails with $60M fund

Mon, 17 Dec 2012

Dec. 18 (BusinessDesk) – Brokerage Forsyth Barr and firms associated with Credit Agricole Corporate and Investment Bank have agreed to establish a $60 million settlement fund to compensate investors and pay $500,000 in costs over the disastrous NZX-traded Credit Sails notes. The settlement is part of a deal under which the Commerce Commission concludes its probe into the now-worthless notes and agrees not to take legal action against Forsyth Barr, Credit Agricole, Credit Sail and Calyon Hong Kong. Under the settlement, eligible investors will...

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