Del Monte Charged Less for Rigging Banana Prices

Del MonteDel Monte, one of the world’s leading fruit producers, has won its appeal to reduce their €14.7 million (£12.6m) European Union fine for rigging banana prices.

The EU General Court ruled Del Monte’s fine be cut by  almost  €6m due to the company’s co-operation with regulators.

Although Dole Food denies any wrongdoing, their fine of  €45.6m has been upheld. The company is in the process of launching an appeal in the hope of also being able to reduce their multi-million euro fine.

The European Commission fined the companies in 2008 for price collusion in eight EU countries.

C. Michael Carter, President of Dole Food, stated: “We strongly believe that the European competition laws were not violated and we will appeal this decision to the EU Court of Justice.

“The General Court’s decision treats discussions about general market conditions the same as a price-fixing cartel.”

The companies were found to have been involved in price fixing between 2000 and 2002.

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