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Chinese vitamin C maker to settle antitrust lawsuit
Source: Reuters
Chinese vitamin C maker to settle antitrust lawsuit
Mon May 21, 2012 9:58pm EDT
(Reuters) - A Chinese company has agreed to pay $10.5 million to U.S. purchasers of vitamin C who accused it of conspiring to raise prices by limiting exports, a proposed settlement showed.
The proposed settlement, filed in U.S. District Court in Brooklyn on Monday, is the first in a long-running legal battle brought by commercial buyers of vitamin C against four Chinese companies.
If it is approved by the judge overseeing the case, it would be the first civil settlement reached with a Chinese company under U.S. antitrust cartel law, lawyers for the purchasers said.
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Under the settlement, the company, formerly known as Jiangsu Jiangshuan and now called Aland (Jiangsu) Nutraceutical Co., will pay $9.5 million to direct purchasers of the vitamin C and an additional $1 million to indirect purchasers.
[font size=1]-snip-[/font]
Mon May 21, 2012 9:58pm EDT
(Reuters) - A Chinese company has agreed to pay $10.5 million to U.S. purchasers of vitamin C who accused it of conspiring to raise prices by limiting exports, a proposed settlement showed.
The proposed settlement, filed in U.S. District Court in Brooklyn on Monday, is the first in a long-running legal battle brought by commercial buyers of vitamin C against four Chinese companies.
If it is approved by the judge overseeing the case, it would be the first civil settlement reached with a Chinese company under U.S. antitrust cartel law, lawyers for the purchasers said.
[font size=1]-snip-[/font]
Under the settlement, the company, formerly known as Jiangsu Jiangshuan and now called Aland (Jiangsu) Nutraceutical Co., will pay $9.5 million to direct purchasers of the vitamin C and an additional $1 million to indirect purchasers.
[font size=1]-snip-[/font]
Read more: http://www.reuters.com/article/2012/05/22/us-newyork-vitamin-c-idUSBRE84L02E20120522
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