LITIGATION An Australian catering company that sued US-based Kellogg Brown & Root for more than $US27 million over the termination of a contract to supply US troops in southern Iraq has struck a deal to settle the case. Documents filed this week in a court in Virginia confirm that Morris Corporation, owned by Brisbane-based Rob McVicker, and KBR have reached an out-of-court settlement. Terms were not revealed.
UNDERTAKING Former Trio Capital chairman John Godfrey has entered into an enforceable undertaking with the Australian Prudential Regulation Authority. He will not act as a trustee or as a responsible officer that is a trustee, investment manager or custodian of an APRA-regulated superannuation entity without obtaining written consent. Mr Godfrey is the sixth Trio director to give an enforceable undertaking. Investors lost $125 million as managers spirited funds from the British Virgin Islands to Hong Kong.
PROGRAMMING Quickflix signed content licence agreements with BBC Worldwide and MGM studios this week, expanding its catalogue of content available through internet streaming. BBC television shows would be available from late March, while content from MGM would be available within weeks.
FIRES Settlement of the Beechworth bushfire class action will cost SP Ausnet up to $19.71 million, with agreement reached to pay 40 per cent of the claimed losses plus 5 per cent interest, up to a cap of $32.85 million. SP Ausnet's share of the settlement is 27 per cent, up to a cap of $19.71 million. The agreement has been reached with no admission of liability and is subject to court approval.