Fonterra opts to settle as court date loomed

Fonterra opts to settle as court date loomed
Fonterra will pay A$25 million. (Image: Getty)
Rebecca Howard
Fonterra Australia has agreed to settle a class action related to a price decrease in May 2016 to the tune of A$25 million (NZ$27.2m), avoiding a trial that was set to kick off this month.The class action, which was before the supreme court of Victoria, alleged that Fonterra breached the contractual obligations it owed to milk suppliers by implementing a price decrease or “step down” in May 2016, that Fonterra engaged in misleading conduct about the likelihood of a step down in 2016 and acted unconscionably towards suppliers.At the...

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