Four China Vitamin C Producers Charged in US Antitrust Suit
3/14/2011 3:08:51 PM
March 14, 2011 -- Four China pharmaceutical companies have been charged with price fixing in a US antitrust case According to the plaintiffs, the four companies, representing about 60% of the world’s vitamin C production, signed a document in 2001 limiting the amount of vitamin C each one could export. As a result, the price of vitamin C rose from $2.50 per kilogram in December 2001 to $7 one year later. The defendants are not contesting the facts, choosing instead to raise an unusual defense: the government of China mandated the collusion. More details....