Civil Plaintiff
Pilgrim’s Pride Settles Price-Fixing Lawsuit for $75M
Dive Brief:
- Pilgrim’s Pride agreed to pay $75 million to chicken buyers to settle price-fixing claims, according to an 8-K filing with the U.S. Securities and Exchange Commission. The amount will be reflected in Pilgrim’s upcoming Q4 earnings.
- The chicken company, which is majority-owned by JBS SA, said in a release that Pilgrim’s does not admit any wrongdoing for the claims in the civil litigation, but “it believes a settlement was in the best interests of the Company and its shareholders.”
- This settlement comes just months after Pilgrim’s agreed to pay a $110.5 million fine as part of a plea deal with the U.S. Department of Justice’s antitrust division in the price-fixing investigation.
Dive Insight:
Pilgrim’s has found itself at the center of price-fixing accusations in the chicken industry for years, and now it is paying nearly $200 million in settlements and fines as a result. Although it still needs court approval, this $75 million civil settlement would be the largest so far in these accusations that have embroiled the entire industry, according to The Wall Street Journal.
