Marine Log Reports on Baron & Budd, P.C. Class Action over Marine Products Price Fixing
As reported this month in the Marine Log, Baron & Budd, P.C. recently filed a class action lawsuit on behalf of public entities who lost needed public funds in a marine products price fixing scheme. See press release. The actions of the defendants defrauded many cities and ports, costing them money that is critically needed for the benefit of our communities.
The article outlines the history of the price fixing conspiracy. When the scheme was discovered in 2007, and the arrests and prosecution of eight executives from Japan, France, Italy and the U.K. for their involvement in the conspiracy to fix prices, rig bids and allocate markets for marine hose in the U.S. There followed a flow of antitrust indictments, guilty pleas and prison sentences for those involved in the conspiracy, which turned out to involve a variety of marine products.
