LAWSUITS NEWS & LEGAL INFORMATION
Recycling Price Fixing
Melbourne, Australia: (Oct-08-07) A lawsuit was filed against Richard Pratt, one of Australian Jewry's major philanthropists, alleging that his recycling company, Visy Industries, was involved in a price fixing scandal. The suit claimed that Visy Industries engaged in price fixing with its firm's chief competitor, Amcor, between 2000 and 2004. The Australian press carried extensive coverage of Australia's third richest man's admission of guilt in the scandal. Pratt said although he was not personally involved in authorizing the cartel, he would publicly apologize for breaching the Trade Practices Act.
Sources stated that Pratt, of Melbourne, donates $10.7 million each year through The Pratt Foundation that he and his wife, Jeanne, established more than 25 years ago. Many of the funds go to Australian Jewish causes and charities in Israel. Pratt's company is one of the world's largest privately owned paper recycling companies, with more than 8,000 employees in Australia, New Zealand and the United States. In a settlement reached, Visy Industries is expected to be fined a record $26.8 million to $35.8 million for price fixing. [JTA NEWS: RECYCLING PRICE FIXING]
Published on Oct-10-07
Sources stated that Pratt, of Melbourne, donates $10.7 million each year through The Pratt Foundation that he and his wife, Jeanne, established more than 25 years ago. Many of the funds go to Australian Jewish causes and charities in Israel. Pratt's company is one of the world's largest privately owned paper recycling companies, with more than 8,000 employees in Australia, New Zealand and the United States. In a settlement reached, Visy Industries is expected to be fined a record $26.8 million to $35.8 million for price fixing. [JTA NEWS: RECYCLING PRICE FIXING]
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