AWB class action settlement

Australian wheat exporter AWB Ltd. has agreed to pay A$39.5 million ($35.1 million) to settle a securities fraud class action against it brought by shareholders complaining of misrepresentations related to bribes and kickbacks AWB paid to Iraq under Saddam Hussein, according to reports.

The settlement does not require AWB to admit liability, but like all class action settlements it is subject to Federal Court approval.

“The company is pleased to put this matter behind it as this is the final legal matter directed against the company in Australia arising out of activities under the United Nations Oil for Food Program,” AWB Chairman Peter Polson said in the statement.

Settlement funding will be mnade at least in part by the company. AWB said it will be recorded as a significant item in its financial accounts.

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