FMA: Settlement gives investors more
It announced the deal this morning, two weeks before its civil case was due to be heard in court.
The money will be distributed to eligible investors who invested in the Hanover finance companies in the period from December 7, 2007 to July 23, 2008 – the period the FMA says it had the strongest case on, and in which conduct raised the most concerns.
It is believed about 5500 investors are affected but those who feel they may have a claim are asked to contact Deloitte, which will build an investor database. The Hanover Finance Companies did not go into liquidation or receivership.
The first payments are expected in October.
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