A CLASS action alleging price fixing against cardboard box giants Amcor and Visy Board Pty has been settled with the companies agreeing to pay a total of $95 million.
Barrister Tony Bannon SC, acting for 4500 small businesses, told the Federal Court that the parties had reached a settlement agreement.
"I am pleased to announce a settlement has been reached between the parties and a deed has been signed," he said today.
Amcor and Visy will pay $95 million to the class action members as well as legal costs.
Of the total, Amcor will pay $63.3 million and Vise will pay $31.7 million.
The settlement agreement still requires court approval and a hearing date has been set for March 24.
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