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Australia: Engineering group ordered to pay millions for bid-rigging in 2011 merger

By  |  March 19, 2013

The Federal Court of Australia has announced the defendants, an engineering group, in a bid-rigging case have been ordered to pay $22.4 million in damages. The case, initiated by Pala Investments against Bradken Ltd., its chairman Nick Greiner and its managing director Brian Hodges, accused the defendants of bid-rigging in its acquisition of Norcast Wear Solutions. The transaction was made in July 2011. The defendants have announced they plan to appeal the fine.

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