September 11, 2009
Australia's AWB faces US$86.39 million claim
The shareholder class action that Australian agribusiness AWB Ltd. faces in November will claim damages of more than A$100 million (US$86.39 million), the Sydney Morning Herald reported on its Web site Friday (September 11), citing a barrister for the company, Matthew Darke.
A report by an expert retained by the shareholders estimated the loss per share from the company's alleged misconduct over Iraqi wheat sales at A$2.19, the Web site reported Darke as saying. Some 50 million shares changed hands during the period concerned, he said.
Litigation funding company IMF (Australia) said last year it would seek damages of A$60 million, the Web site reported.
