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Victims of a major employee theft at the Hibernian Catholic Benefit Society could get an early Christmas present after a settlement was reached with insurers.
A letter to members from Gordon Stewart, the Wellington lawyer who became president of the society in July, revealed that its former fidelity insurers had agreed to pay out $200,000.
Pending talks with liquidators, there could be a payment to members made in December. Mr Stewart said it was unclear how the insurance proceeds would be split between the society and the separate, but related, credit union – which faced the bulk of the losses – but he expected it would be proportional to the losses incurred.
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