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. 

Read the source article at Food Dive

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