Canned Tuna Price-Fixing Settlement
The Star-Kist Co., which owns the Star-Kist brand, pleaded guilty to a conspiracy to fix canned tuna prices. The settlement was confidential, including cash payment and favorable commercial terms. It was a crucial step in settling numerous suits filed by grocers. This article looks at some of the critical points of the case. We’ll also discuss the implications for consumers.
The plaintiffs in this class action are large retail chains. The companies involved have admitted to price-fixing. Walmart, Target, and Kroger were among the principal defendants in the case, but many other companies opted to settle. The two largest producers, Star-Kist and Bumble Bee have agreed to pay a combined $13 million to settle antitrust claims. However, the lawsuits are not final. The Justice Department’s complaint was filed in 2014 and a preliminary ruling was issued.
The Supreme Court has rejected an initial settlement but is likely to grant a motion for reconsideration. The government wants to see more settlements and will continue to prosecute a price-fixing lawsuit against the three primary producers. The Justice Department has said that canned tuna prices were artificially inflated to increase profits. The company that agreed to settle the case paid a $45 million fine, and Walmart hopes to make them pay even more. To know more information about: openclassactions.com
Star-Kist settles antitrust suits:
Bumble Bee and Star-Kist agreed to pay $25 million to settle antitrust suits in September. The companies settled the price-fixing claims, and Walmart says it will pay the fines. The companies have not responded to requests for comment. The lawsuits will be resolved in the coming months. If the plaintiffs win, Walmart will be the first to receive a refund. In addition, the settlement will help consumers by providing access to lower-priced tuna.
Sharing sensitive customer information:
The lawsuits allege that the two companies conspired to fix the price of tuna, sharing sensitive customer information. They also refused to accept the environmental pressure from Greenpeace, which has been pushing for outlawing fishing practices that harm other animals. A majority of the defendants were found guilty of conspiracy in the price-fixing scheme. The settlement is the result of a multimillion-dollar antitrust investigation.
Price-fixing and paid:
The settlement involves four companies. In 2015, Bumble Bee pleaded guilty to price-fixing and paid a $25 million fine. In September, Star-Kist pleaded guilty to the exact charges. The settlement was approved on December 21, 2016, after a court hearing on price-fixing. This decision was reached after the trial. The defendants are also required to pay a fine.
In September 2017, Bumble Bee pleaded guilty to conspiring to fix prices between 2011 and 2013 and paid a $25 million fine. In August, Walmart and Target pleaded guilty to price-fixing and subsequently settled the case. The settlement will prevent the companies from monopolizing the market and prevent them from doing so in the future. So, it will be a good thing to buy canned tuna from the United States.
Way to protect consumers:
The settlement has come about due to the alleged price-fixing by the big three companies. The companies involved were Bumble Bee, Star-Kist, and Chicken of the Sea. The first two pleaded guilty and were sentenced to pay a fine totaling $100 million. They all agreed to settle their claims. They will now work together to resolve the lawsuit. There’s no need to fight the industry anymore. This settlement is the best possible way to protect consumers.
The Walmart lawsuit alleges that the three major tuna companies conspired to fix prices. But these companies did not respond to requests for comment. The Justice Department alleged that the companies artificially inflated prices and fixed prices for tuna. The lawsuit also states that the companies cheated consumers by overcharging them. While the Justice Department has said that the companies are not guilty of price-fixing, the settlement was significant nonetheless.
The lawsuit is a class action settlement, and it benefits consumers who bought canned tuna. The settlement affects all products packaged in pouches or cans smaller than 40 ounces. The states that are part of the class include Arizona, California, Connecticut, Florida, Massachusetts, Texas, Hawaii, Washington, Nevada, Oregon, and Tennessee. This means that the consumers of these products will receive an equal amount of compensation.