The receiver and trustee of failed meat company Fortex have settled their $36 million claims against the company's auditor, averting what was expected to be a four-month court case.
Receiver Alan Isaac of KPMG and Tower Trust managing director Jim Minto said the settlement with Price Waterhouse was reached after a three-day mediation led by retired High Court Judge Sir Ian Barker, QC.
Price Waterhouse audited the financial statements of Timaru-based Fortex before its receivership in 1994.
The terms of the settlement are confidential.
Settlement over Fortex audit
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