Pilgrim’s Pride agrees to settle some price-fixing claims
Pilgrim’s Pride has entered into an agreement to settle all price-fixing claims with a group of poultry buyers. Pilgrim’s has agreed to pay the Direct Purchaser Plaintiff Class $75-million, the agreement remains subject to court approval.
In a statement to Brownfield, Pilgrim’s says it does not admit to any liability for the claims alleged in the Broiler Antitrust Civil Litigation, but believes a settlement was in the best interests of the company and its shareholders. Individual lawsuits outside the DPP Class remain outstanding.
Pilgrim’s Pride is the second-largest US chicken processor by sales and the deal would be the biggest to date in a legal battle alleging collusion among the largest companies in the $65-billion chicken industry that has spanned more than four years. This proposed settlement comes after Pilgrim’s announced a plea deal last fall in the Justice Department’s price-fixing case, where they agreed to pay $110.5 million.