Pilgrim’s Pride has pleaded to federal charges of price fixing and will pay a fine of $107.9 million, per a plea agreement reached earlier.
The federal case, brought last June, had resulted in the indictment of then-CEO Jayson Penn along with other executives, of Pilgrim’s and another company. Pilgrim’s Pride cooperated with the U.S. Justice Department’s probe, and the case was resolved in October with the agreement to pay the fine.
Pilgrim’s was alleged to have colluded with Tyson Foods and other competitors to hold back production of broiler chickens to spike the price, harming major customers that include Chick-fil-A and KFC.
Pilgrim’s and others still face civil litigation over alleged price-fixing, filed in Chicago federal court by customers including Chick-fil-A, Kroger and Walmart.
