Pan $ 67.5m settlement
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.