The High Court in Christchurch has decided the assets of Hubbard Managed Funds will be pooled together and returned to investors based on how much cash they put in.
The fund was placed into statutory management two years ago, along with seven charitable trusts and two investment vehicles held by the late Mr Hubbard and his wife Jean.
Hubbard Managed Funds statutory managers Grant Thornton have returned about $9 million to 300 investors.
But they still have about $35.9 million of assets - mainly shares - to distribute and needed the court's guidance on the fairest way to do it.
Grant Thornton argued Mr Hubbard had personalised portfolios for each investor, and hadn't intended to pool the assets - so investors should be repaid on that basis.
Justice Chisholm agreed that would be the cheapest and easiest option, but felt pooling the assets and then distributing them was the fairest way to go.
The decision means $19.3 million of cash will be returned to the investors that put it in, while the remaining $16.6 million worth of assets will be split among investors, using an interest rate based on the years they spent in the fund.
Grant Thornton is studying the decision and intends going to back to investors soon.