The Australian Securities and Investments Commission (ASIC) has reached a $1 million settlement of its actions against Barzen (formerly Dukes Financial Services) and company principal Joseph Dukes.

If approved by the Federal Court, the Dukes’ payment should result in compensation being paid to most investors by early next year.

ASIC initiated class actions against Dukes Financial Services in April 2008 to seek compensation for clients who invested in the failed Westpoint Group on the advice of Dukes or its representatives.

The claim alleges that the company negligently advised group members and engaged in misleading and deceptive conduct. The settlement was reached without any admission of liability by Dukes, and is the sixth settlement reached by ASIC as part of its compensation proceedings on behalf of Westpoint investors.

Late last month about 525 investors in ASIC’s class action against Melbourne-based State Trustees Ltd also received compensation payments totalling $13.5 million.