Nufarm financial reporting settlement approved
Nufarm will pay Aus$46.6 million (US$48.7 million) to settle class action proceedings brought against the company in early 2011 over its financial reporting for fiscal 2010. The Australian Federal Court approved the settlement on November 28th. The company reached the settlement in August, agreeing to pay Aus$43.5 million ( Agrow No 646, p 5) and booking that as a material item in its fiscal 2012 accounts. The balance will be reported in the interim results for fiscal 2013. The class action has been dismissed without any admission of liability by Nufarm, the company notes.