Och-Ziff Capital Management Group LLC will pay $28.8 million towards a legal settlement with its shareholders. This comes after U.S. District Judge Paul Oetken said the investors could sue the company as a group.
In their lawsuit, shareholders accused the hedge fund/asset management firm of misleading investors by concealing the Justice Department and Securities and Exchange Commission (SEC) probes into the company’s potential violations of the Foreign Corrupt Practices Act. The probes were in connection with the company trying to raise capital from the Libyan Investment Authority and regarding its investments in the Democratic Republic of Congo. The lawsuit, filed in 2014, covers investors who owned Och-Ziff shares from February 2012 to April 2014.
Och-Ziff ‘s settlement against its shareholders’ lawsuit follows the company’s $412 million settlement in Sept. 2016 for the U.S. Department of Justice criminal probe.