Tyson Foods will pay $221.5 million to settle price-fixing claims brought by major trade customers, without admitting any wrongdoing.
Tyson Foods will pay $221.5 million to settle price-fixing claims brought by major trade customers, without admitting any wrongdoing.
If approved by a federal judge, the payment will put to rest a civil suit brought in 2016 by restaurants, retailers and distributors against major chicken processors. Pilgrim’s Pride has agreed to a $75 million settlement in that case.
Tyson and other processors still have to deal with other price-fixing claims by major customers including Kroger, Walmart and Sysco. In addition, a former Tyson executive is facing federal criminal charges of price-fixing.
Tyson expects to put the settlement on its next quarterly balance sheet, according to an SEC filing.
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