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George Weston Limited and Loblaw Companies Limited Announce Settlement of Class Action Lawsuits Concerning their Involvement in Historical Industry-Wide Bread Price-Fixing Arrangement
George Weston Limited and Loblaw Companies Limited Announce Settlement of Class Action Lawsuits C...
About this update from Loblaw Companies Limited
[{"type":"text","content":"\n \n \n \n George Weston Limited and Loblaw Companies Limited Announce Settlement of Class Action Lawsuits Concerning their Involvement in Historical Industry-Wide Bread Price-Fixing Arrangement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n The Companies apologize to Canadians for their role in a decade-old, industry-wide bread price-fixing arrangement and agree to a total settlement of\n \n $500 million\n \n that will involve a cash payment of\n \n $404 million\n \n in addition to\n \n $96 million\n \n having already been paid through the previously administered Loblaw Card program.\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n July 25, 2024\n \n \n /CNW/ - George Weston Limited (\"George Weston\") (TSX: WN) and Loblaw Companies Limited (\"Loblaw\") (TSX: L) (the \"Companies\") jointly announced today that they have entered into minutes of settlement to resolve nationwide class action lawsuits against them relating to their role in an industry-wide price fixing arrangement between 2001 and 2015 involving certain packaged bread products. The minutes of settlement provide for a total settlement of\n \n $500 million\n \n .\n \n George Weston\n \n will pay\n \n $247.5 million\n \n in cash, and Loblaw will pay\n \n $252.5 million\n \n (made up of\n \n $156.5 million\n \n in cash and credit for\n \n $96 million\n \n previously paid to customers by Loblaw under the Loblaw Card program). The\n \n $500 million\n \n settlement figure was negotiated with the plaintiffs' lawyers in a mediation presided over by the Chief Justice of the Ontario Superior Court of Justice. The settlement is subject to the finalization of a binding settlement agreement between the Companies and the plaintiffs' lawyers, and Court approval. Upon approval, the settlement will resolve all the plaintiffs' claims against the Companies relating to this matter.\n \n \n \n \n \n \n \n \n \n Upon discovering the industry-wide arrangement in\n \n March 2015\n \n , the Companies immediately reported it to the Competition Bureau, with whom they have been fully c...