Bumble Bee Foods admits price fixing, pays $25 million

[Eugene]

Source: CBS/AP

CBS/AP May 9, 2017, 11:29 AM

Bumble Bee Foods admits price fixing, pays $25 million

SAN FRANCISCO — Bumble Bee Foods, the tuna-canning company, has pleaded guilty to conspiring with competitors to fix prices and will pay a $25 million fine, the U.S. Department of Justice said Monday.

The San Diego-based company will also cooperate with an ongoing antitrust investigation into the packaged seafood industry, the federal agency said.

The fine will increase to $81.5 million if the company is sold.

The DOJ said the company colluded to set prices of canned tuna fish between 2011 and 2013.

Federal civil litigation in California has alleged price-fixing collusion by Bumble Bee and its competitors. The criminal charge reflects broader concerns about competition within the industry.

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Read more: http://www.cbsnews.com/news/bumble-bee-tuna-price-fixing-25-million/

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Related: Bumble Bee Agrees to Plead Guilty to Price Fixing (U.S. Dept. of Justice)

[Beakybird]

1. They could tell something was fishy.

[Kittycow]

2. Their tuna sucks. It's mushy and watery.

[muhamed g]

3. more

more corporate fraud. we need more regulation.