On 8 February 2007 he was appointed president of the Carlton Football Club. On 20 June 2008, the Carlton Football Club announced that Richard Pratt would stand aside from the club until the charges of giving false and misleading evidence to Australian Competition and Consumer Commission hearing were resolved.
On 10 October 2007, Pratt was formally accused of price fixing, cheating customers and companies out of approximately A$700 million in the nation's biggest-ever cartel case.
On 2 November 2007, Pratt and the Visy group received an A$36 million fine, representing both the largest fine in Australian history and an estimated 0.75% of the Pratt fortune. Federal Court of Australia judge Justice Heerey said Pratt and his senior executives were knowingly concerned in the cartel, which involved price fixing and market sharing. "This is the worst cartel to come before the courts in 30-plus years", Justice Heerey said. Additionally, customers of Visy initiated claims against Visy and Amcor, including a $120 million suit by Cadbury Schweppes against Amcor.
On 16 May 2007, he was awarded the Woodrow Wilson Medal for Corporate Citizenship. This is given to executives who "by their examples and their business practices, have shown a deep concern for the common good beyond the bottom line. They are at the forefront of the idea that private firms should be good citizens in their own neighborhoods and in the world at large".