Chocolate companies agree to deal in price fixing case
Here's a bit of sweet news for some chocolate lovers.
Four of the largest chocolate producers in Canada have agreed to pay more than $23 million to settle a class-action lawsuit alleging price-fixing and price maintenance in the Canadian market.
The defendants,Cadbury Adams Canada Inc., Hershey Canada Inc. Nestle Canada Inc and March Canada Inc., as well as distributor ITWAL Limited, all deny the allegations.
However, they have settled to avoid the expense, inconvenience and distraction of further protracted litigation, says a statement released Monday by lawyers in the case.
The settlements, which reflect a compromise of disputed claims, have been approved by the courts in Ontario, British Columbia and Quebec as being fair, reasonable and in the best interests of class members, says the release.
It says together the defendants have paid $23.2 million for the benefit of all persons who bought Cadbury, Hershey, Nestle and/or Mars chocolate products in Canada between Feb. 1, 2001 and Dec. 31, 2008.
Photo courtesy CTV News