A settlement has been reached and is pending court approval in the class action lawsuit filed against Australian funds manager and life insurer AMP Ltd. regarding its takeover of GIO Australia Holdings Ltd. in 1999. The suit was filed by former GIO shareholders, and under the terms of the settlement, AMP would pay $56.8 million of a $112 million settlement, and other parties, including nine former GIO directors and GIO's independent advisers, would pay the remainder. (Aug-08-03) [HERALD SUN]
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