An investor in the failed finance company Lombard Finance and Investments says he is both relieved and disappointed by the news a settlement has been reached.
The receivers at PWC say they have settled with the directors, their insurers and a third party for $10 million - a higher payout than expected.
When Lombard was placed in receivership in 2008, it owed 3500 investors more than $111 million. Four directors were later convicted of making false statements in a company prospectus.
The settlement follows a civil claim by the receivers against the directors for breaches under the Companies Act.
Up to now, investors had received 13c for every dollar invested, and the settlement lifts that to 22c. Investor Paul Wah says it's well below the 80 percent payout he would have deemed acceptable, but he's relieved the matter is over.
