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US: Appeals court overturns vitamin C price fixing verdict

By  |  September 20, 2016

On Tuesday, the 2nd U.S. Circuit Court of Appeals in New York threw out a verdict fining two Chinese companies $147.8 million. The fine was given to Hebei Welcome Pharmaceutical Co and North China Pharmaceutical Group Corp for conspiring to fix prices and the supply of Vitamin C from December 2001 to June 2006.

The court stated that the case should never have gone to trial after China issued a statement to the presiding judge that Chinese laws required the companies to violate the Sherman Act. The Court of Appeals said that the judge who issued the fine should have deferred to China’s interpretation of its own laws since there are enormous differences between US and Chinese legal and economic regulations.

Full Content: CNBC

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