Settlements have been reached with all but one of the defendants in a lawsuit over the collapse of Manitoba’s Crocus Investment Fund.

A Court of Queen’s Bench judge has been told that the fund’s former directors and officers, its auditors, the Manitoba Securities Commission and the Manitoba government have agreed to pay a total of $12 million.

Manitoba taxpayers will bear part of the cost, as the province and the securities commission’s share works out to $2.75 million.

The only defendant not to have settled so far is Wellington West Capital, the fund’s lead underwriters. Hearings are scheduled for June to certify the class-action lawsuit.

About 34,000 investors had more than $150 million invested in the labour-sponsored venture-capital fund, which had a mandate to invest in companies in Manitoba.

Crocus stopped trading in December 2004 over concerns about the true value of its shares.

In April 2005, the fund dropped the value of its shares to just below $7 — almost one-third less than their value when trading was halted.

The fund went into receivership in June 2005.