Pan $ 67.5m set­tle­ment

Townsville Bulletin - - Investor -

THE Fed­eral Gov­ern­ment will pay $ 67.5 mil­lion in com­pen­sa­tion to Pan Phar­ma­ceu­ti­cals’ cus­tomers and ser­vice providers who lost money be­cause of the com­pany’s clo­sure. Yes­ter­day’s set­tle­ment fol­lows a $ 50 mil­lion pay­out by the gov­ern­ment to Pan chief ex­ec­u­tive Jim Se­lim in 2008. The set­tle­ment was ne­go­ti­ated with­out ad­mis­sions of wrong­do­ing by the gov­ern­ment said Andrew Thorpe, legal ad­viser to the class ac­tion of 170 mem­bers who claimed their busi­nesses suf­fered. Com­pen­sa­tion can now be de­liv­ered back to cus­tomers of Pan.

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