A PYMNTS Company

South Korea: Food price-fixing spat heads overseas

By  |  November 16, 2014

Two South Korean food makers are facing a class action lawsuit in the US accusing the companies of price-fixing, say reports.

The case was filed late last week by about 300 grocery stores in California, say reports. The plaintiffs are seeking damages of $728 million.

Four Korean firms – Nongshim, Ottogi, Samyang and Korea Yakult – along with their US subsidiaries were originally accused of manipulating product prices between 2001 and 2008 on instant noodle prices. But a federal judge in California nixed the claims against Samyang and Korea Yakult due to lack of evidence.

The judge did, however, grant the case class certification.

The claims follow findings by the Korean Fair Trade Commission found in 2012 that the companies conspired to hike prices.

Full content: Korea Joongang Daily

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.