Financial advisory firm, Towry Law has put forward a $30 million settlement offer to compensate investors harmed by the collapse of the Global Opportunities Trading (GOT) and Global Diversified Trading (GDT) hedge funds.
Although Towry was not responsible for the Hong Kong-based funds or their collapse, the SAR's Securities and Futures Commission alleged that its due diligence into the GOT and GDT funds had been insufficient, and that it had mis-sold risky investments to clients looking to limit their exposure to risk.
The firm has not admitted liability, but announced this week that:
"This goes a long way towards mitigating the losses suffered by investors in GOT and GDT."
Although the settlement offer has prompted the SFC to end its investigation into the matter, Towry Law may still face legal action from the many hundreds of retail investors who lost assets when the hedge funds collapsed.
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