Saving Seafood

Anonymous whistleblower letter critical to Lion Capital’s inclusion in Bumble Bee price-fixing lawsuit

August 23, 2023 — A federal judge has ruled former Bumble Bee Foods owner Lion Capital can be held liable in a civil lawsuit alleging it was involved in a price-fixing conspiracy involving the so-called “big three” U.S. tuna companies – Bumble Bee, Starkist, and Chicken of the Sea.

The U.K.-based private equity firm purchased Bumble Bee in 2010 and operated it until it was sold out of bankruptcy to FCF Co. in 2019, following its guilty plea to a charge of price-fixing, forcing it to pay a USD 25 million (EUR 22.6 million) fine and millions more in civil damages.

Read the full story at SeafoodSource

Canned Tuna Maker Bumble Bee Preps for Bankruptcy Filing

November 18, 2019 — Bumble Bee Foods LLC is preparing to file for bankruptcy within days over mounting legal expenses stemming from its involvement in a conspiracy to fix prices on canned tuna, according to people familiar with the matter.

The San Diego-based company, owned by London-based private-equity firm Lion Capital, is expected to file a chapter 11 petition shortly and will put itself up for sale, the people said. Bumble Bee didn’t respond to a request for comment. Lion Capital, which bought the company in 2010 for $980 million, also didn’t immediately respond.

Bumble Bee pleaded guilty in 2017 and agreed to pay a $25 million fine for having formed a cartel with its two main competitors, Chicken of the Sea and StarKist Co.

The Justice Department subsequently indicted Bumble Bee Chief Executive Christopher Lischewski for his alleged role in the conspiracy. Mr. Lischewski, who pleaded not guilty, took a leave of absence from Bumble Bee last year and is on trial in California federal court.

Read the full story at The Wall Street Journal