(PRNewswire) StarKist Co. today announced it has entered into a settlement agreement with Walmart, Inc. resolving all antitrust claims brought by the retailer. Walmart is the largest retailer for canned tuna in the United States. The StarKist portion of the settlement is valued at $20.5 million, based on a combination of cash payment and certain favorable commercial terms aimed at further strengthening the business relationship between the two companies.
The settlement stems from from a price-fixing scheme that involved firms such as StarKist, Chicken of the Sea and Bumble Bee. The brands reportedly conspired to raise and maintain prices for packaged seafood products from 2008-2015. The DOJ has already leveled a $100M fine against StarKist.
"StarKist is pleased to resolve this matter with our valued customer, Walmart. The resolution is a business-oriented and reasonable one, which sets a benchmark for resolving remaining matters with our other valued customers," said Scott Meece, StarKist's General Counsel & Sr. Vice President.
"StarKist is committed to being a socially responsible company and we are pleased to resolve this lawsuit with our largest customer under fair and reasonable terms," said Andrew Choe, President & CEO, StarKist Co. "We will continue to conduct our business with the utmost transparency and integrity, and we hope to resolve the remaining lawsuits with our other customers under similarly fair and mutually beneficial terms."
