Decision ID: 001258

In October 2001 the 1992 Fund Executive Committee and the 1971 Fund Administrative Council noted that discussions had been held between the shipowner’s insurer and the IOPC Funds on the possibility of reaching a global solution, that these discussions would continue and that the Director and the insurer had agreed that the objectives of any global settlement should be that all admissible claims were paid in full, that the IOPC Funds should recover a reasonable amount of the compensation paid by them and that all litigation would cease. The Director was instructed to continue to explore the possibilities of reaching a settlement of all outstanding issues, including those relating to the various recourse actions.