An $85 million settlement will end a price-fixing case brought by American seafood buyers against Norwegian fish farms.
An $85 million settlement will end a price-fixing case brought by American seafood buyers against Norwegian fish farms.
Six Norwegian aquaculture companies were charged in a 2019 class-action lawsuit with fixing global salmon prices by manipulating a Nasdaq index pegged to the spot price in Oslo, according to Bloomberg Law. Without admitting wrongdoing, they agreed to the settlement, which was approved Sept. 8 by a federal judge in Miami.
The lawsuit claimed that the defendants used Norway’s prominence as a global provider of farmed seafood, and the difficulty of entering the market, to nudge prices upward. Norway is the world’s second-largest exporter of farmed seafood to the U.S., behind Chile.
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