Pilgrim's Pride to Pay $75 Million to Chicken Buyers in Antitrust Case
USAgNet - 01/13/2021
America's top two chicken producers have reached agreements with buyers to settle complaints over price-fixing allegations.
According to Bloomberg News, Pilgrim's Pride Corp., owned by Brazil's JBS SA, said it will pay $75 million to settle the class action suit, according to a regulatory filing on Monday. Tyson Foods Inc. said in a separate statement that it had reached an
"agreement in principle" without disclosing terms. Neither company admited wrongdoing.
American meat companies have been under fire, with poultry buyers including Chick-fil-A and Target Corp. having sued top U.S. chicken producers for fixing meat prices for years. The companies have also faced pressure as the coronavirus spread among its
workforce, shutting down several facilities last year.
Pilgrim's in October agreed to pay a $110.5 million fine in a plea deal with the U.S. Department of Justice on the price-fixing allegations, which ensnared two former chief executives. The company said the new settlement will be reflected in its fourth-quarter results.
- D.C. Circuit Court Stays EPA Action Granting Refinery Waivers
- Dozens of Ethanol Plants Remain Idle in Early 2021
- Tyson Foods to Settle Price-Fixing Suit
- Chinese Corn, Wheat Imports Set Record Highs in 2020
- WGN Names Alexander to Take Over for Orion Samuelson
- January Marks One Year of the U.S. and China's Trade Agreement
- U.S. Bans Some Chinese Ag Imports
