James Packer And Lachlan Murdoch To End 13 Year One.Tel Dispute With $40-50 Million Payout

Lachlan Murdoch and James Packer attending Flag Bearer ceremony in Sochi. Photo: Getty/ Adam Pretty

A 13 year dispute over former telco giant One.Tel could soon see an end after as former directors James Packer and Lachlan Murdoch edge closer to a settlement.

Packer and Murdoch, who lost $1 billion when One.Tel went under in 2001, say they had been misled about the telco’s financial position.

A settlement payment for Packer and Murdoch is expected to be between $40 to $50 million — far from the $244 million originally estimated by special purpose liquidator Stephen Parbery in NSW Supreme court findings.

Parbery said talks “have reached a very delicate stage” but refused to say when they would be complete.

One.Tel collapsed owing $350 million. Since then liquidation of the company has paid staff the entire $13 million they were owed, but other creditors have received just 21¢ in the dollar, reports the Sydney Morning Herald.

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