Discover the latest update in the salmon farming industry as seven major companies, including Mowi and Grieg, settle a class-action lawsuit over global price-fixing allegations. Learn about the over $5 million settlement, its impact on the industry, and what it means for large salmon buyers in Canada. Get insights into the legal implications and find out who is eligible for compensation in this significant development.
Salmon Farming Companies Settle Price-Fixing Lawsuit for Over $5 Million
In a significant development, seven salmon farming companies have decided to settle a lawsuit. This lawsuit accused them of working together to fix salmon prices worldwide. The firms, including Newfoundland and Labrador’s Mowi and Grieg, will pay more than $5 million.
The case involved big names in the industry, such as Cermaq Canada and Lerøy Seafood. They were said to have influenced salmon prices by controlling the Norwegian market. This action would have affected prices globally. However, this was never proven in court. By settling, the companies do not admit they did anything wrong.
Eligible Buyers to Claim Part of Multi-Million Dollar Salmon Lawsuit Settlement
Linda Visser, a lawyer, says settling can save companies time and money. This settlement is important for those who bought a lot of salmon in Canada between April 10, 2013, and February 20, 2019. They can now claim part of the settlement money.
The firms have also decided to donate $250,000 to Food Banks Canada. This settlement still needs the Federal Court’s approval. This case is a big deal in the salmon industry and for those who buy salmon.