A jury in Alaska has returned a verdict of “not guilty” in the case of seafood companies accused by fishermen of conspiring to keep prices low.
Go deeper with GlobalData
Back in 1996, 4,500 fishermen filed a class action lawsuit seeking some US$1bn from a number of seafood processors and importers. The fishermen argued that the processors and packers had conspired to depress the prices they paid them, leading to a sharp drop in the price of salmon.
The accused companies claimed that the plunge in Alaskan salmon prices came about as a result of simple market forces, reported Reuters. Wild salmon from the region once dominated the international market, but cheaper farmed salmon from a number of different areas, including Canada and Norway has undermined Alaska’s position.
Jury foreman Mike Nourse described the evidence as insufficient: “There wasn’t even a smoldering gun. There just wasn’t anything that we could grab onto to say there was a conspiracy, or that there may have been a conspiracy.”
Several defendants had already paid $40m to settle out of court.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
