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24/04/2008
Morrisons Awarded Damages For False Accusations
Morrisons have won a £100,000 payout in damages after being accused of 'price-fixing'.
The food chain was awarded the damages by the Office of Fair Trading (OFT) because of a press release it issued which made allegations that Morrisons had conspired with others to bolster the price of dairy products.
The press release suggested that consumers had been overcharged by about £270 million.
The OFT said in a statement: "The OFT has not made any provisional finding of infringement against Morrisons in relation to the supply of butter and cheese. Nor has Morrisons been accused of any price fixing activity after 2002.
"The OFT regrets that the press release contained these serious errors, and wish to apologise sincerely to Morrisons for their publication.
"The OFT was and is in no position to decide whether there has been a breach of the law until it has considered the responses to the Statement of Objections, including those from Morrisons.
"The OFT is committed to completing the investigation as soon as possible," concluded the statement.
Competition law prohibits almost any attempt to fix prices including agreeing prices with competitors and cutting prices below cost in order to force a weaker competitor out of the market.
Supermarkets Asda, Sainsbury's have already admitted they were part of a price-fixing group.
The supermarkets and a number of dairy firms were fined a total of £110 million after an OFT investigation.
Safeway, which has now been bought by Morrisons has admitted colluding on the price of milk, cheese and butter along with ten other firms in the time period between 2002 and 2003.
Morrisons say they plan to donate the damages to its nominated charities.
(DS)
The food chain was awarded the damages by the Office of Fair Trading (OFT) because of a press release it issued which made allegations that Morrisons had conspired with others to bolster the price of dairy products.
The press release suggested that consumers had been overcharged by about £270 million.
The OFT said in a statement: "The OFT has not made any provisional finding of infringement against Morrisons in relation to the supply of butter and cheese. Nor has Morrisons been accused of any price fixing activity after 2002.
"The OFT regrets that the press release contained these serious errors, and wish to apologise sincerely to Morrisons for their publication.
"The OFT was and is in no position to decide whether there has been a breach of the law until it has considered the responses to the Statement of Objections, including those from Morrisons.
"The OFT is committed to completing the investigation as soon as possible," concluded the statement.
Competition law prohibits almost any attempt to fix prices including agreeing prices with competitors and cutting prices below cost in order to force a weaker competitor out of the market.
Supermarkets Asda, Sainsbury's have already admitted they were part of a price-fixing group.
The supermarkets and a number of dairy firms were fined a total of £110 million after an OFT investigation.
Safeway, which has now been bought by Morrisons has admitted colluding on the price of milk, cheese and butter along with ten other firms in the time period between 2002 and 2003.
Morrisons say they plan to donate the damages to its nominated charities.
(DS)
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UK annual house price inflation in June 2007 was 12.1%, up from 10.8% in May 2007. Annual house price inflation in London was 17.5% in June, up from 14.3% in May. The UK annual house price inflation rate for the 3 months to June was 11.3% and 15.1% in London. The UK house price inflation rate rose from 10.8% in May 2007 to 12.1% in June 2007.
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