Lombard receivers reach $10M settlement with former directors, insurers and third party

Sun, 23 Feb 2014

Feb. 24 (BusinessDesk) – The receivers of failed finance company Lombard Finance & Investments say they’ve reached a $10 million settlement with former directors, their insurers and a third party over civil claims of breach of duty. The settlement will allow receivers John Fisk and Colin McCloy of PwC to make a further 9 cent distribution to Lombard’s secured debenture holders, bringing total paid out to 22 cents in the dollar, exceeding their estimate of a maximum 20 cents in the dollar. With the sale of two remaining properties, the total p...

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