November 9, 2018 / 12:29 AM / 7 days ago

Australia's Murray Goulburn reaches settlement with competition regulator

Nov 9 (Reuters) - Dairy group Murray Goulburn Co-operative said on Friday it has reached a settlement in principle with Australia’s competition regulator over a court case into allegations the company in 2016 misled farmers about the price they would be paid for their milk.

Murray Goulburn said the agreement with the Australian Competition and Consumer Commission (ACCC) was subject to approval by the Federal Court of Australia.

Under the settlement, the ACCC will seek a pecuniary penalty against former managing director Gary Helou, but will not seek a penalty against the company, Murray Goulburn said.

Reporting by Aby Jose Koilparambil in Bengaluru; editing by Richard Pullin

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