Salmon price-fixing class action settled for $85M

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Salmon price-fixing settlement overview:

• Who: Five Norwegian salmon-farming companies reached an $85 million settlement of a lawsuit brought by four U.S. purchasers.
• Why: The purchasers accused the Norwegian salmon farmers of coordinated price-fixing to inflate salmon prices.  
• Where: The settlement was filed in Florida federal court.

Five Norwegian companies reached an $85 million settlement in a class action lawsuit that alleged they participated in a price-fixing scheme on salmon farmed in the United States since at least 2015.

The proposed settlement, which must still be approved by the court, estimates 800 settlement class members under the definition of “all persons or entities in the U.S., their territories and Washington, D.C. who purchased farm-raised Atlantic salmon or related products from the [Norwegian salmon-farming companies] from April 10, 2013, until the date of preliminary approval of the settlement.”

The amount that a settlement class member receives will depend on how many members submit claims and an individual’s volume of commerce in the claim. From the settlement amount, the plaintiffs’ counsel seeks a fee award of no more than 30% and expenses no more than $2,250,000. Counsel may also request service awards for the named plaintiffs.

The parties reached the deal early on in litigation, which is rare in antitrust cases, the document says. The settlement is “fair, reasonable and adequate” and provides the class with “ample relief,” the parties write. 

Salmon price-fixing suspected in European commission probe

Four U.S. companies — Euclid Fish Co., Euro USA Inc., Schneider’s Fish and Sea Food Corp. and The Fishing Line LLC — served as plaintiffs in the consolidated class action, first filed in 2019. Each directly purchased farm-raised Atlantic salmon from the Norwegian companies.

The companies accused in the complaint — SalMar ASA, Mowi ASA, Grieg Seafood ASA, Leroy Seafood ASA and Cermaq Group AS — were implicated after unannounced inspections by the European Commission in February 2019. A similar U.S. Department of Justice investigation followed. 

What do you think about the settlement between companies in light of the Norwegian salmon price-fixing scheme? Drop your thoughts below.

The plaintiffs are represented by Podhurst Orseck PA and Hausfeld LLP.

The Salmon Price-Fixing Class Action Lawsuit is In re: Farm-Raised Salmon and Salmon Products Antitrust Litigation, Case No. 1:19-cv-21551, in the U.S. District Court for the Southern District of Florida.

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