TORONTO — George Weston Ltd. and Loblaw Cos. Ltd. have entered into minutes of settlement to resolve class-action lawsuits in Canada related to their role in an industrywide price-fixing arrangement for packaged bread products between 2001 and 2015. The total settlement is C$500 million ($362 million), with George Weston agreeing to pay C$247.5 million in cash and Loblaw agreeing to pay C$252.5 million made up of C$156.5 million in cash and credits for C$96 million previously paid to customers by Loblaw under the Loblaw Card program.

The Ontario Superior Court of Justice presided over mediation between the two companies and the plaintiffs’ lawyers: Strosberg Wingfield Sasso LLP, Orr Taylor LLP, Renno & Vathilakis Inc., LPC Avocats, CFM Lawyers LLP and Boudreau Law.

Upon discovering the price-fixing arrangement in March 2015, George Weston and Loblaw alerted Canada’s Competition Bureau. They then took actions such as overhauling how pricing is managed and enhancing their compliance programs.

“On behalf of the Weston group of companies, we are sorry for the price-fixing behavior we discovered and self-reported in 2015,” said Galen G. Weston, chairman of Loblaw and chairman and chief executive officer of George Weston. “This behavior should never have happened. We have the privilege of serving Canadians from coast to coast. That privilege needs to be earned each and every day. Reaching a settlement on this matter was the right thing to do in response to previous behavior that did not meet our values and ethical standards.”

George Weston Ltd. operates through its two reportable operating segments: Loblaw Cos. Ltd. and Choice Properties Real Estate Investment Trust. Loblaw Cos. Ltd. provides Canadians with grocery, pharmacy, health and beauty, apparel, general merchandise, financial services, and wireless mobile products and services.

The courts will approve how settlement funds will be distributed to eligible class members.

“Following extensive negotiations, we are more than confident that this significant monetary settlement represents a very fair outcome for Canadians,” said Michael Vathilakis, co-founding partner of Renno & Vathilakis Inc.