The Australian Securities and Investments Commission has settled its court actions against certain directors of the failed investment company, Westpoint, and Westpoint auditor KPMG. ASIC said in a statement yesterday that the settlements would result in the recovery of an additional A$67.4 million for the benefit of investors. ASIC has already recovered A$25 million after settling actions against Westpoint trustee State Trustees Limited, as well as several financial planning groups. ASIC said another A$49 million had been obtained through the liquidation process, and a further A$22 million was expected through returns from Westpoint companies not in liquidation. When it collapsed, in January 2006, Westpoint had invested funds of A$388 million. ASIC said yesterday that it expected investors to get a return of A$160 to A$170 million. Throughout 2007 and 2008 ASIC launched a total of 19 civil actions against Westpoint directors, financial planners, KPMG and State Trustees Limited. The value of those claims was A$573.9 million The proceedings against KPMG alleged that the firm negligently carried out audits of the Westpoint companies in that it failed to identify issues related to the continuing solvency of the companies. The claim also alleged that KPMG should have notified ASIC that it had grounds to suspect that breaches of the Corporations Act were taking place within the Westpoint companies. The claims against the Westpoint directors related to the way in which they handled money in the Westpoint mezzanine companies.