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...

More Primary Sector

NZ exporters salivating at possible UAE trade deal
Primary Sector

NZ exporters salivating at possible UAE trade deal

The United Arab Emirates is already an important market for NZ dairy and meat exports.

Dairy Goat Co-op chair Campbell Storey to step down
Primary Sector

Dairy Goat Co-op chair Campbell Storey to step down

He won't go until the annual meeting in September, however.

Riley Kennedy 02 May 2024
John Penno quits Synlait board as George Adams elected chair
Primary Sector

John Penno quits Synlait board as George Adams elected chair

Synlait Milk co-founder John Penno has quit the company’s board, and George Adams has taken over as chair.The debt-laden milk processor told the New Zealand stock exchange (NZX) on Wednesday that Adams, who joined the board in March as an independent director, would take over fro...

Riley Kennedy 01 May 2024