Court Report: Fonterra’s inferior supply contracts pinged
Hamish McNicol discusses the latest court stories on NBR Radio and on demand on MyNBR Radio.
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Dairy co-operative Fonterra [NZX: FCG] is considering an appeal against a decision in which a group of South Canterbury dairy farmers successfully established liability against it for unique contracts which they say left them “significantly worse off.”
NBR court reporter Hamish McNicol was at the hearing in September, which lasted two weeks before Justice Matthew Muir.
He says the dispute, brought by 20 farmers, relates to Fonterra’s $48.5 million acquisition of Studholme dairy factory in 2012.
The initial claim sought to establish liability, and following this week’s decision, the farmers will now be able to seek remedies or damages.
Earlier in the week, a twice-bankrupted property developer was ordered to pay $265,000 to BNZ for “flagrantly bad” conduct.
Mr McNicol has been reporting on the dispute between BNZ and Paul Alexander, who lost his Parnell mansion to the bank in its attempts to recover his $10.1 million debt.
In earlier court proceedings Mr Alexander was found to have been a “party to a forgery” on the court, Mr McNicol says, from which a large costs figure has subsequently been awarded to BNZ.
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Thu, 03 Dec 2015
Thu, 03 Dec 2015
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Court Report: Fonterra’s inferior supply contracts pinged
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