Company News Summary
Nufarm Enters into Settlement Agreement on Class Action Proceedings
Original announcement: Settlement Agreement on Class Action Proceedings
Nufarm advised that it has entered into a conditional settlement agreement in relation to the class proceedings commenced by Maurice Blackburn and Slater & Gordon in early 2011. The settlement covers claims made on behalf of group members who acquired shares during the period from September 2009 to August 2010. The settlement agreement was reached on 1 August 2012, 14 months before the scheduled trial date in September 2013, as part of a court ordered mediation process. The company has agreed to pay $43.5m, which covers the claims, interest, the costs of the litigation funders and applicants' legal fees. The settlement is subject to court approval and, if court approval is obtained, the class action will be dismissed without admission of liability by the company. The settlement payment will be recorded as a material item in the company's 2011/12 full year accounts.
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