Produce buyers and consumers from Miami have filed several class action lawsuits alleging banana price fixing and conspiracy to increase the price of the world's most popular fruit. The lawsuits also claim the four companies exchanged information in order to fix banana prices as they control almost three quarters of the world banana market. The price of bananas ranged from $5.40 a box to more than $10 a box from May of 2003 to September 2004. The lawsuit claims the banana companies formed a cartel, exchanged information about prices and sales volumes, arranged to sell bananas at agreed upon prices and reached accords to reduce production capacity.
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