The Future Fund has paid AustralianSuper $7 million to settle its two year dispute over accusations of improper conduct in the acquisition of a $875 million shareholding in Perth Airport.
The acquisition was part of an agreement in 2012 to acquire $2 billion of airport assets from Australian Infrastructure Fund.
AustralianSuper claimed that the Future Fund had acted in a deceptive manner in order to purchase the stake in Perth Airport. Privately, senior figures at the Future Fund have expressed frustration and annoyance at the lengthy dispute for what they felt was a baseless claim.
A spokesman for the Future Fund said: “The Future Fund has always maintained that it has acted appropriately and properly at all times, and in settling this matter has not admitted any liability. The Future Fund has chosen to settle the lawsuit for purely commercial reasons, to avoid ongoing legal costs and to enable the Fund’s management to fully focus on the important task of continuing the strong growth of the Fund for the benefit of all Australians.”
The $7 million payment includes a contribution to Australian Super’s costs.