September 20, 2007

Supermarkets in price fixing scam

The top five supermarket chains and the top five milk processing companies stand accused of price fixing which has added hundreds of millions of pounds to the bills of the UK consumers.

It has been announced by the Office of Fair Trading that the supermarket chains, Asda, Morrissons, Safeway, Sainsbury and Tesco, along with the milk processors, Arla, Dairy Crest, Lactalis McLelland, the Cheese Company and Wiseman, have all been sharing information of prices etc, on milk, butter and cheese. This took place during the years 2002 and 2003.

It is estimated by the Office of Fair Trading that this price fixing could have added around £270 million to consumers cost during those two years.

Those involved have been given some time to respond to these claims.

Source [IHT]