While I agree with you it is a lot of money, I think you should be pointing the finger at the regulatory bodies not OZL. I believe that the auditor is a joint defendant to the class action so I am not sure at this stage if the auditors have to pay part of the settlement, or if they have to pay additional.
$60,000,000 is below what I thought OZL may have been stung for if the matter had gone to court, so I am happy with the amount. It also removes uncertainty.
However I would like to have had the matter argued ou, possibly with the requirement for former Directors to take the stand to give evidence.
By admitting no liability, it is very unlikely that former Directors can be pursued on either civil or criminal charges.
Anyway I suspect OZL had some pretty good legal advice to arrive at this settlement.
Still don't like the "vibe" about all this
OZL Price at posting:
$14.45 Sentiment: Hold Disclosure: Held
