ASIC settles another Wespoint claim

Australia's investment watchdog has secured a sixth Westpoint settlement, returning $1 million to investors.

The Australian Securities and Investment Commission has obtained the settlement on behalf of clients who were advised to invest in some Westpoint products by financial advisers Barzan Pty Ltd and Joseph Dukes.

WA-based Westpoint collapsed in 2006, taking $388 million worth of investor's funds with it.

The new settlement takes the total investor returns to around $25 million, split between 1000 investors.

Since November 2007, ASIC has launched 19 civil actions seeking to recover funds for investors in the majority of the Westpoint companies, including claims against former Westpoint auditors KPMG, the directors of nine associated and mezzanine companies, seven financial planners and the State Trustees.