AWB shareholders involved in a multi-million dollar class action against the agribusiness will have to wait until at least April before a settlement is finalised.
The matter returned to the Federal Court in Sydney on Friday after both parties agreed in principal to a settlement earlier this week.
Under the settlement, AWB is to pay $39.5 million, including interest and costs, to the shareholder group.
Both parties have expressed their confidence the settlement will proceed, but it does require the approval of the Federal Court
In a brief hearing on Friday, the court was told there 1,243 participating members of the shareholder group.
However there was some debate about the eligibility of some members as they did not submit documentation of their share holdings to the court prior to the court-imposed cut off date of July 21, 2009.
There have also been other shareholders who have since contacted to court after learning of the settlement agreement, Justice Lindsay Foster told the court. He described them as "late latecomers who obviously only read the paper when the settlement's announced".
The matter will return to the court on April 23.
Share
