AWB's barrister, Matthew Darke, said a report produced by an economic expert retained by the shareholders put the loss per share due to AWB's alleged misconduct over Iraqi wheat sales at $2.19.

About 50 million shares had been bought during the period when the shareholders claim AWB failed to keep the market properly informed, he said.

''You add interest to that and that's just claims of economic loss; you then have claims of consequential loss.''

The litigation funding company which is paying the legal fees of the shareholders, IMF (Australia), said last year that it was seeking damages of $60 million.

Mr Darke made his comments yesterday as AWB tried to gain access to documents for which the Federal Government is claiming public-interest immunity.

Replying to a Government submission that the class action could not be compared with a case where personal liberty was at stake, Mr Darke said it was ''a very substantial'' commercial claim.

''Yes, it's not perhaps deserving of the same weight as a criminal case but there are commercial causes and commercial causes and this is a very big one.''