Murray Goulburn Co-operative has agreed to an in-principle settlement with the Australian Competition and Consumer Commission (ACCC) about the co-operative's conduct during the 2016 milk price crash.
The ACCC will apply to the Federal Court seeking declarations that MG and former managing director Gary Helou contravened Australian Consumer Law in the period of February 29, 2016 to April 27, 2016 in relation to representations made regarding the 2015/16 farmgate milk price.
Under the settlement the ACCC will seek a pecuniary penalty against Mr Helou and costs orders against MG and Mr Helou.
The matter is due to come before the Federal Court for court approval of the settlement.
See next week's Country News for more.