StarKist Reaches $20.5 Million Settlement with Walmart
January 25 2019 - 7:42PM
Dow Jones News
By Patrick Thomas
StarKist Co. said Friday that it has agreed to a $20.5 million
settlement with Walmart Inc. (WMT), resolving antitrust complaints
brought by the retail giant.
In October, Pittsburgh-based canned tuna producer StarKist
pleaded guilty for its role in a conspiracy to fix prices of
packaged seafood sold in the U.S., according to the Justice
Department. The company is alleged to have fixed the prices of
canned tuna fish from November 2011 to December 2013. Walmart
alleged in a lawsuit that the company was part of a conspiracy with
the two other tuna canning companies.
StarKist, a subsidiary of South Korea's Dongwon Industries Co.
will pay Walmart, the largest retailer for canned tuna in the U.S.,
$20.5 million based on a combination of cash and certain favorable
commercial terms, the company said. In a statement, StarKist said
it hopes to resolve remaining lawsuits with similar terms.
"The resolution is a business-oriented and reasonable one, which
sets a benchmark for resolving remaining matters with our other
valued customers," StarKist General Counsel Scott Meece said in a
statement
A representative of Walmart couldn't be reached for comment.
Write to Patrick Thomas at patrick.thomas@wsj.com
(END) Dow Jones Newswires
January 25, 2019 19:27 ET (00:27 GMT)
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