AWB Class action settlement - $39.5 million

15 February 2010
Maurice Blackburn Lawyers has reached a settlement with AWB in the class action to recover damages on behalf of AWB shareholders.

The settlement sum is $39.5m inclusive of costs and interest. The settlement is subject to court approval.

Ben Slade, Maurice Blackburn Principal said:

"We are pleased to announce a settlement of this important shareholder class action against AWB.

"Our clients are happy with this settlement. The market delay in adjusting to the revelations of the Cole Royal Commission added a level of complexity and uncertainty to the assessment damages. We believe this is a fair outcome particularly in light of circumstances we faced in calculating the loss for shareholders.

"We expect that the court approval application will be made within a month."