November 15, 2017 / 10:28 PM / a year ago

Australia's Murray Goulburn reaches settlement with ASIC

Nov 16 (Reuters) - Australia’s Murray Goulburn said on Thursday it has reached a settlement with the Australian Securities and Investments Commission (ASIC) over the regulator’s allegation that the company had misled farmers about the price they would be paid for their milk.

In April 2016, Murray Goulburn - comprising Murray Goulburn Co-operative Co Ltd and MG Responsible Entity - cut the price they paid suppliers by 20 percent.

ASIC will apply to the Federal Court for MG Unit Trust through its Murray Goulburn arm to pay a civil penalty of A$650,000 ($493,155) regarding the company’s disclosures under the Corporations Act. ($1 = 1.3180 Australian dollars) (Reporting by Nicole Pinto in Bengaluru; Editing by Matthew Lewis)

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