Pilgrim’s Pride to pay $75 million to settle some price-collusion claims
by January 11, 2021 1:09 pm 385 views
Pilgrim’s Pride Corporation, a competitor to Tyson Foods, has agreed to a $75 million settlement to resolve all claims in the antitrust civil litigation around price-fixing claims known as Broiler Chicken Antitrust Litigation.
The company said the settlement does not admit any liability for the claims alleged, but it believes a settlement is in the best interest of the company and its shareholders. Pilgrim’s said the settlement will be reflected in it upcoming fourth quarter earnings results.
The legal battle has been ongoing for four years with claims and suits from restaurant customers, grocery store operators and food distributors that accused the poultry industry of conspiring to fix-prices for popular chicken cuts of wings, tenders and breasts.
The suits raised the awareness of the U.S. Department of Justice who filed criminal price-fixing and conspiracy charges against 10 industry executives last year, including two former CEOs of Pilgrim’s. The defendants continue to plead not guilty.
The civil action settlement is pending court approval and does not impact other outstanding lawsuits filled independently by others retailers such as Walmart and Kroger and restaurant customers like Chick-fil-A.