Hi Jadel Thank You for your reply. .And wish you all the very best.
How did we get mixed up with this Mob . Been a long nightmare..
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Nor .
Sorry for this late reply , but domestic issues are at the forefront of my mind these days. From memory only i think the D&O policy for MFS was worth about 20 or 30 million . Most of this money will be used in the ASIC V OCV case , Indeed when i went to the court proceedings for one day only ,the judge remarked that the case had already run to the tens of millions of dollars ,therefore he was not inclined to grant any further adjournments .So i think we can reasonably assume there would be little if any left of this money for the class action compensation against the directors and Officers(D&0) of our fund . In regards the class action there are about fifteen or so directors who are culpable in the various transgressions against our fund including the Auditor KPMG insurance .So to use a very inadequate metaphor , imagine that a policeman in the next door room hears the sound of somebody being shot to death by a pistol on numerous different occasions and erroneously assumes that these individuals are just playing with a toy gun, and so does not report the incident .Should the policeman( Auditor in this instance) be the only one to held responsible for negligence. Of course not. The primary perpetrators were the murderers . And that is what the defence is stating that all of the D&O should be held responsible for the crime. Now all of these various D&O inexplicably just happen to state they have no money . In the event if they had money it is long since gone into their wife name or various trusts . SO IMF are in a dilemma , they perceive that after blame is apportioned out to each director it simply would not be worth the risk of proceedings for the amount of compensation available. And i have no doubt whatsoever , that they are the people who had made the final decision not to proceed to a court action.
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