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What will be the impact on Loblaw's revenue in Q4 2024 following the settlement?
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Story
Loblaw, George Weston to Settle $500M Bread Price-Fixing Lawsuit on July 25, 2024
Jul 25, 2024, 12:01 PM
On July 25, 2024, Loblaw Companies Ltd. and its parent company, George Weston Ltd., agreed to pay $500 million to settle a class-action lawsuit related to a bread price-fixing scheme. The settlement marks a record antitrust resolution in Canada. CEO Galen Weston issued an apology, stating, 'This should have never happened.' The lawsuit alleged that the companies were involved in a scheme to artificially inflate bread prices, impacting consumers across the country.
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