SFC brokers Towry Law payouts

Towry Law International, a financial advisory company owned by UK-based and London-listed HHG, has agreed to pay HK$255.9 million ($33 million) ex-gratia to Hong Kong investors who lost money on mis-sold hedge funds in 2002. Towry Law did not admit any liability in the settlement arranged by Hong Kong's Securities & Futures Commission (SFC); an ex-gratia payment is made as a favour not as an obligation. The SFC says Towry Law's offices in Hong Kong will remain open until the pa…