Fiducian Group Shares Inch Up After Unit Enters Heads of Agreement With ASIC to Resolve Lawsuit
MT Newswires Live
Mar 31
Fiducian Group's (ASX:FID) shares inched up 0.3% in recent trading on Tuesday after it said in a filing late on Monday on the Australian bourse that its unit, Fiducian Investment Management Services, entered into a heads of agreement with the Australian Securities and Investments Commission (ASIC) to resolve legal proceedings.
Under the heads of agreement, Fiducian Investment Management agrees to pay to the Commonwealth a penalty of AU$7.3 million and agrees to pay ASIC's costs related to its investigation and legal proceedings up to AU$650,000.
This follows a court-ordered mediation between Fiducian Investment Management and ASIC. The parties will agree on a statement of agreed facts and admissions, per the filing.
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