Sunday, December 9, 2007

UK Supermarkets Fined $235 Million for Price-Fixing Dairy Products


Several grocery stores and dairies in the UK agreed to pay combined maximum fines of over 116 million pounds (approximately $235 million) in fines for fixing the price of dairy products in violation of the Competition Act, according to a press release from England's Office of Fair Trading. They claim that they were supporting dairy farmers recovering from foot and mouth disease, though the Office of Fair Trading found no evidence that farmers were helped by the scheme, according to an article today in The Independent.

The OFT stated that the $235 million represents a reduction from the fines that would have been assessed absent the cooperation of the companies.

Image credit: FreeDigitalPhotos.net

 

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