Lachlan Murdoch and James Packer have agreed to pay $40 million to settle a long-running stoush over the failure of dot.com era telco One.Tel in 2001.
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Under the deal, approved by the NSW Supreme Court on Thursday, the Packer family’s Consolidated Press Holdings will pay $14.93 million; Mr Packer’s Crown Resorts will pay $11.77 million; and News Corp will pay $13.3 milllion.
Crown agreed to pay a share of any One.Tel liability when it demerged from Packer media vehicle Publishing and Broadcasting Limited in 2007, special purpose liquidator Stephen Parbery said in a statement.
The deal resolves ‘‘all litigation arising from the failure of One.Tel,’’ Mr Parbery said in the statement, jointly issued with law firm Arnold Bloch Leibler.
It was struck following ‘‘a confidential and informal process’’ run by Mr Parbery and ABL partner Leon Zwier, the statement said.
More to come...