An Ontario judge has issued a $500 million settlement in the Loblaw bread-fixing case which has become the largest settlement in Canadian history.
Judge Ed Morgan of the Ontario Superior Court endorsed the $500 million settlement, stating that the funds from the grocery companies represented “an excellent and fair result for all concerned.”
Morgan concluded, “It is in the best interests of the class as a whole. In my view, it falls squarely within the zone of reasonableness.”
The case, initially opened in 2018, arose from a class-action lawsuit alleging that Loblaw and its parent company, George Weston, participated in a widespread scheme to manipulate bread prices.
The allegations also implicated the country’s largest grocery chains, including Metro, Sobeys, Walmart Canada, Canada Bread, and Giant Tiger, all of which have denied being involved in a supposed scheme to collude on bread pricing.
The approved settlement amounts to a total of $404 million to be paid by Loblaw and George Weston, along with an additional $96 million to support a gift card initiative for customer compensation.
By CEO NA Editorial Staff
