Image: Lerøy / FIS
Salmon farming companies settle class-action lawsuit alleging global price-fixing scheme
Monday, December 04, 2023, 06:00 (GMT + 9)
The following is an excerpt from an article published by CBC Radio Canada:
7 companies, including N.L.'s Mowi and Grieg, to pay more than $5M to big salmon buyers
Seven companies accused of conspiring to manipulate the global price of salmon have agreed to pay a total of more than $5 million Cdn (USD 3.7M) to settle a class-action lawsuit.
Source Cermaq -->
Some of the largest players in the salmon farming industry in Newfoundland and Labrador, including Mowi and Grieg, were among the companies involved.
The lawsuit claimed Cermaq Canada, Grieg Seafood, Lerøy Seafood AS, Marine Harvest Atlantic Canada, Mowi ASA, Nova Sea AS and Sjór AS conspired to manipulate the Norwegian spot market for salmon prices and in doing so influence global salmon prices.
The allegation was not been proven in court, and the companies recently agreed to settle the lawsuit without a trial.
The companies have denied any wrongdoing, and the settlement doesn't involve an admission of guilt. Linda Visser is a partner with London, Ont.-based Siskinds LLP, one of the law firms involved in the class action, said it's often easier for companies to end a lawsuit by settling it to save time and money.
"Some companies can have reasons for wanting to resolve litigation related to the potential liability related to the risk involved, related to the time and effort and expense of defending that litigation," she said.
Class-action members who purchased more than $1 million of salmon in Canada between April 10, 2013, and Feb. 20, 2019 are eligible to submit a claim.
"Grocery stores, distributors, fish processing companies, large hotel chains — those type of companies that would be buying a large volume," she said. [Continues...]
Source: CBC Radio Canada | Read the full article by clicking the link here