Pilgrim’s Pride to Pay $75 Million As Part of Price-Fixing Settlement
Jan. 11, 2021
Pilgrim’s Pride has agreed to pay $75 million to some of its former customers as part of a settlement in a price-fixing case.
Pilgrim’s Pride has agreed to pay $75 million to some of its former customers as part of a settlement in a price-fixing case.
The company announced the payout in a regulatory filing on Jan. 11. It is intended to partially settle a civil suit that has gone on for about four years, in which both retail and foodservice customers have accused Pilgrim’s Pride and other processors of colluding to fix prices.
“While Pilgrim’s does not admit any liability for the claims alleged in the Broiler Antitrust Civil Litigation, it believes a settlement was in the best interests of the Company and its shareholders,” the company said in a statement.
Pilgrim’s Pride, which is majority-owned by JBS SA, has been a target of antitrust action for years. The settlement comes after Pilgrim’s Pride paid a fine of $110.5 million to settle criminal antitrust charges, in a case that led to the indictment of a former CEO.
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