Grieg Seafood ASA: Industry settlement in US civil anti-trust litigation

Grieg Seafood ASA

Reference is made to the previously disclosed class-action complaints in the US against Grieg Seafood ASA and five other producers and/or sellers of Norwegian salmon (together with certain of their subsidiaries) (collectively referred to as the Defendants), over claims concerning anti-competitive behaviour. While all Defendants reject that there is any basis for the claims and consider the complaints to be entirely unsubstantiated, all Defendants in the US class action related to the direct purchaser case have now, following a mandatory mediation procedure, accepted a settlement offer from the direct purchaser plaintiffs subject to approval by the court of Southern District of Florida. The total settlement amount for all Defendants is USD 85 million.

All Defendants expressly reject the allegations regarding anti-competitive behaviour and strongly believe that the antitrust claims lack merit. Given that the costs of litigation in the US are substantial, coupled with the timeline for any litigation and required engagement of extensive internal resources, Grieg Seafood ASA has nonetheless agreed to a settlement for pure commercial purposes. The settlement does not involve any admission of liability or wrongdoing.

The information included in this announcement is defined as inside information pursuant to article 7 of the Market Abuse Regulation and is publicly disclosed in accordance with article 17 of the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.

For enquiries, please contact:
Andreas Kvame, CEO
Cell phone: +47 907 71 441

Atle Harald Sandtorv, CFO
Cell phone +47 908 45 252

Kevin Ruben, CLO
Cell phone +47 980 83 429

About Grieg Seafood
Grieg Seafood ASA is one of the world's leading salmon farmers. Our farms are in Finnmark and Rogaland in Norway, and British Columbia as well as Newfoundland in Canada. Our headquarter is located in Bergen, Norway. Grieg Seafood ASA was listed at the Oslo Stock Exchange in June 2007. More than 750 people work in the company throughout our regions.

Sustainable farming practices are the foundation of Grieg Seafood’s operations. The lowest possible environmental impact and the best possible fish welfare is both an ethical responsibility and drive economic profitability. Towards 2025, we aim for global growth, cost improvements and to evolve from a pure salmon supplier to an innovation partner for selected customers.
To learn more, please visit www.griegseafood.com.