The largest fine ever imposed by a Canadian court was C$50 million ($38 million; £30 million) against a major Canadian break maker for its part in a price-fixing scheme.
In response to four charges of price-fixing from the middle of the 2000s, Canada Bread entered a guilty plea on Wednesday.
An extensive federal competition watchdog investigation led to the plea.
The fine was described by the Competition Bureau as a "significant milestone" in its ongoing investigation.
The Competition Bureau's Matthew Boswell stated in a statement that fixing the price of bread, a staple food in Canadian households, was a serious criminal offense.
"We are taking all available legal action against price-fixing perpetrators. ".
In court documents submitted to the Ontario Superior Court, Canada Bread acknowledged that it had a price-hike agreement with its rival Weston Foods for bread products like sandwich bread, hot dog buns, and rolls.
Two price increases for fresh bread and baked goods were the result of price fixing, one in 2007 and the other in 2011.
Major bread and bakery producer and distributor Canada Bread was previously under the ownership of Maple Leaf Foods, but is now owned by Mexican company Grupo Bimbo.
Grupo Bimbo claimed in a statement that it was unaware of any price fixing when it bought the business in 2014 and continued to be unaware until search warrants arrived in 2017.
The company's vice-president, Alice Lee, stated in a statement that "under new ownership, Canada Bread is committed to being a responsible partner to our valued customers and making bread an accessible and reliable food source for Canadians.".
According to the Competition Bureau, Canada Bread's senior management that was in charge of the price fixing is no longer working for the organization.
During the time it was a shareholder, Maple Leaf Foods said in a statement that it was aware of any wrongdoing by Canada Bread or its senior leadership.
"We will vigorously refute any claims to the contrary and assert that we are not aware of and have never engaged in improper or anticompetitive activity. ".
The Competition Bureau stated that the investigation into price-fixing in the bread industry "remains a top priority.".
According to previous reports, the alleged scheme, which is thought to have lasted for about 16 years, resulted in an increase in the price of bread of about C$1.50.
Weston Foods and Loblaw Companies Limited "announced their participation in what they described as an 'industry-wide price-fixing arrangement,' involving the coordination of retail and wholesale bread prices," the watchdog said in a statement in December 2017.
In exchange for their cooperation, the two companies received immunity from prosecution.
There are still open investigations into a number of other significant grocery chains in the nation. Nobody has acknowledged being involved.
In a separate matter, the Competition Bureau anticipates wrapping up its inquiry into the country's grocery market competition this month. Amid rising food costs, which grocery store owners have connected to inflation, that investigation was started last year.
