News Summary September 13, 2017
Today's Main Story: Retailers Allege Dongwon Chairman Had Direct Control in Star-Kist Price Fixing in New Lawsuits
Our lead story today reports that Dongwon Enterprise chairman Jae-chul Kim, a legend in the tuna sector, directly controlled US subsidiary and tuna brand Star-Kist Co during the years of the alleged price-fixing conspiracy, a new wave of class-action lawsuits against the big players in the sector claim. Two lawsuits filed on Aug. 29 by retailers Moran Foods and Dollar General Corporation and a third filed on August 30 from Krasdale Foods are the latest to make allegations that the involvement in a price fixing conspiracy went right to the top at the South Korean firm, which owns US-based Starkist via its Dongwon Industries operation.
In other news, the winner of this year’s Global Aquaculture Alliance Innovation Award, usually given on the final day of the GOAL meerting, is a Chilean Biotech company called TerraVia. Dr. Walter Rakitsky, senior VP for emerging business, who will receive the award, commented that the company's algae based salmon feed, AlgaPrime is an expression that aquaculture is the "most responsible way to produce protein for a growing global population.
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