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Fiducian Group Says New South Wales Supreme Court Approves Agreement to Resolve ASIC Lawsuit

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Fiducian Group (ASX:FID) said the New South Wales Supreme Court on Tuesday approved the terms of an agreement between its unit Fiducian Investment Management Services and the Australian Securities and Investments Commission (ASIC) to resolve a lawsuit brought earlier by the regulator, according to a same-day Australian bourse filing.

Fiducian Investment will pay a combined fine of AU$7.3 million and ASIC's costs of AU$650,000, per the court order. It will also take all reasonable steps to send to each person who was a DSAF member during the contravention period a notice on such terms and in a manner and form as agreed between the parties within 30 days of the date of the orders.

The company said that "while the contravening conduct was not deliberate, it involved a lack of appropriate care," adding that it cooperated fully with ASIC in its investigation and in resolving the proceeding.

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