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  4. FMA welcomes Commerce Commission settlement in Credit SaILS investigation

FMA welcomes Commerce Commission settlement in Credit SaILS investigation

FMA has today welcomed the Commerce Commission's settlement with five companies in relation to the Commission's Credit SaILS investigation, which creates a settlement fund of $60 million to be distributed to investors who lost money when Credit SaILS failed in 2008.

Details of the Commission's settlement agreement can be found here.

FMA has entered into its own settlement with the Companies in respect of Credit SaILS. A copy of FMA's settlement agreement can be found here.