Och-Ziff (OZM, $1.43 ) Pays $28.8 Million To Settle Shareholder Lawsuit Over Allegedly Hiding Bribery Probes

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.

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Sergey Savastiouk|Expert

Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.