The plea agreement is the first to come out of the Competition Bureau’s seven-year investigation into one of Canada’s largest price fixing scandals.
Canada Bread has admitted to colluding with rival Weston Foods to set Canadian bread prices, marking a major development in the Competition Bureau’s seven-year investigation into one of the largest price-fixing scandals in the country’s history.
Justice Maureen Forestell of the Ontario Superior Court of Justice in Toronto approved the sentence of $50 million, a jointly proposed figure, on Wednesday. According to an agreed statement of facts filed in court on Wednesday, the then-chief executive officer of Canada Bread spoke with one or more senior executives at Weston Foods about co-ordinating price increases on four different occasions in 2007 and in the 2010-11 time period.
According to the court filing, the bureau’s investigation into other market participants continues. The bureau executed search warrants at various points in 2017, 2018 and 2019 against Metro, Empire Company , Walmart Canada, Giant Tiger Stores, Overwaitea Food Group and Maple Leaf Foods. The bureau said Canada Bread “received leniency in sentencing in return for its full co-operation with the Bureau’s investigation,” and it also noted that the “senior leadership of Canada Bread responsible for the price-fixing is no longer with the company.”
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