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Loblaw and parent company agree to pay $500 million in bread price-fixing lawsuits

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Loblaw Cos. Ltd. and its parent company George Weston Ltd. say they have agreed to pay $500 million to settle a pair of class-action lawsuits regarding their involvement in an alleged bread price-fixing scheme.

"We are pleased to be able to put this issue behind us at both Loblaw and George Weston," said Loblaw chief financial officer Richard Dufresne on an earnings call Thursday.

Loblaw chairman Galen Weston, who is also chairman and chief executive of George Weston, said "this behaviour should never have happened." Lawyers representing the plaintiffs said the payout, subject to court approval, is the largest antitrust settlement in Canadian history. The Competition Bureau began investigating alleged bread price-fixing in January 2016. Weston Foods and Loblaw, both subsidiaries of George Weston at the time, had previously admitted their participation in an “industry-wide price-fixing arrangement” and received immunity from prosecution in exchange for co-operating.

 

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Loblaw and parent company agree to pay $500 million in bread price-fixing lawsuitLoblaw Cos. Ltd. and its parent company George Weston Ltd. say they have agreed to pay $500-million to settle a class-action lawsuit regarding their involvement in an alleged bread price-fixing scheme.
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Loblaw, parent company George Weston agree to pay $500-million to settle bread price-fixing lawsuitsCanada’s largest grocer and holding company already publicly acknowledged their participation in price-fixing in 2017 in exchange for immunity from criminal charges
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