The trial in the $100 million class action lawsuit against AWB over its dealings with Saddam Hussein’s regime commenced on Wednesday, with an opening address from the shareholders’ barrister. The Sydney Morning Herald reports that AWB remains hopeful of reaching a settlement.
The SMH reports that according to an AWB executive, settlement talks with the shareholders’ law firm, Maurice Blackburn, had taken place recently and ‘[w]e are still open-minded on reaching a settlement that’s in the commercial interests of our shareholders.” If the case does not settle, it will be Australia’s first-ever judicial ruling in an investor class action.
