Loblaw Companies (TSX: L) and George Weston Limited (TSX: WN) began the claims process for a $500-million nationwide settlement of packaged bread price-fixing class actions.
The settlement received approvals from the Superior Court of Quebec and the Ontario Superior Court of Justice, and allocates 78% of funds to settlement class members resident outside Quebec and 22% to those resident in Quebec.
Of the $500 million total, $404 million will be paid now by Weston and Loblaw, while $96 million represents the earlier compensation distributed through Loblaw’s $25 card program. Individuals who previously received the $25 Loblaw card may still claim, but will only be paid an incremental amount above $25 if sufficient funds remain and only where that incremental amount exceeds the $5 minimum set for this settlement.
Eligible consumers are any Canadian residents who bought packaged bread for personal use between January 1, 2001 and December 31, 2021. Covered items include packaged bread products and bread alternatives—bagged bread, buns, rolls, bagels, naan, English muffins, wraps, pita, and tortillas. Proof of purchase is not required.
Funds allocated to businesses or entities that purchased packaged bread for resale are being held in trust and will be distributed later as directed by the courts under the distribution protocols.
The class actions continue against the remaining defendants: Canada Bread, Sobeys, Metro, Wal-Mart Canada, and Giant Tiger, with no settlement yet announced for those parties.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
One Response
Why would any grocery store raise prices while everyone is struggling .Hard to believe that Loblaw’s would do this .I am a Zehrs shopper and would like them to make things right .I hope to see some money I am a senior with low income .