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Tuesday, 15 November 2022 10:30

$27m settlement

Written by  Milking It
$27m settlement

OPINION: Fonterra is forking out $27 million to pay Victorian farmers to settle class action proceedings across the ditch.

The case arose from claims by several farmers in the state of Victoria that Fonterra had breached the terms of its supply contracts and misled suppliers when it moved to cut milk payouts in 2016.

The farmers claimed Fonterra's milk payout was based on meeting or exceeding those of competitor, Murray Goulburn, rather than in line with their supply contracts.

Murray Goulburn cut its forecast price by as much as 15% and shortly afterwards Fonterra moved to cut its payout by nearly as much.

The co-op says the settlement is made without any admission of liability.

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