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PIF AG UPDATE 17 NOVEMBER 2014 - AN IMPORTANT MEMBER REPORT g]

PIF CLASS ACTION "NOTICE OF PROPOSED SETTLEMENT" - UNOFFICIALLY GIVEN - ONLY 1.58 PERCENT

You might recall previous communications from our lawyers and Bentham IMF, preparing (albeit with legal speak) participants in the class action for a significantly lower settlement in our class action due to KPMG lawyers success in shifting fault to certain former managers of MFS/Octaviar/PIF. Unfortunately, this 'fault' issue has caused our claim to have become seriously diminished to the point that our long running class action against KPMG has (conditionally) only achieved a very poor 1.58% (1.58 cents in the dollar) settlement of our original investment. The above settlement figure of 1.58%, we understand, is after all costs have been deducted by Bentham IMF our litigation funders, which includes legal fees.

It is our unofficial understanding, that post Feb 2008 PIF investors will not be sharers in this class action settlement. However, we assume, IF correct, this will be properly advised one way or the other at some stage by Bentham IMF (our CA funders) or the Federal Court. Approx 7500 registered class action PIF investors are sharing in this settlement.

NOTE WELL: The above settlement amount figure is ONLY a "CONDITIONAL SETTLEMENT" AMOUNT and remains subject to the approval of the Federal Court. The final decision and OFFICIAL settlement figure on the class action will be made by Justice Perram, 8 December 2014, in the Federal Court, Sydney. We assume that this figure then has a possibility of altering at the final decision 8 Dec. 2014 by the court, so allow for that possibility, although at our wild speculation, that seems unlikely.
See Federal Court link here: