Investors inAorangi Securities Ltd have finally been told they will get their money back - but they don't yet know when.
Investors had $96 million in the company when it was put into statutory management in 2010; the company's owner and Timaru businessman Alan Hubbard died the following year in a car crash.
The question of who is entitled to the money has recently been the subject of a High Court trial involving some investors and Mr Hubbard's widow, Jean Hubbard.
On Thursday afternoon, Mrs Hubbard and statutory managers Grant Thornton announced that an amicable settlement had been reached. Court proceedings set down for 20 May have been discontinued.
In a statement, they said the terms of the settlement are confidential - but it is expected to return most, if not all, of the Aorangi Securities Ltd's capital over time.
However, investor John Rodger wants to know how long it will take to get it back and how much more money will be eaten up by statutory managers' expenses.
"We've been waiting three years now and I think that we should get more clarity on the length of time that the money's going to be paid out."
Mr Rodger said preparation for the court action alone has already cost him a lot of money.
Another investor, Noel McPherson, blames the statutory managers for the length of time it is taking to get his money.
Mr McPherson told Radio New Zealand's Checkpoint programme that Grant Thornton's fees have been excessive.
"They've made a very poor job of administrating this. These people have a tendency to hold onto funds as long as they can because they're doing very well out of it, while investors are getting nothing."
Grant Thornton has not returned calls from Radio New Zealand, but has said it will update investors in August.
