Smithfield Foods settles pork price-fixing lawsuit for $42M
2 years, 5 months ago

Smithfield Foods settles pork price-fixing lawsuit for $42M

Associated Press  

— Smithfield Foods will pay restaurants and caterers $42 million to settle a lawsuit that accused the giant meat producer of conspiring to inflate pork prices, which will likely only add to concerns about how the lack of competition in the industry affects meat prices. Previously, Smithfield settled with a different group of pork buyers for $83 million, and JBS agreed to pay the restaurants and caterers $12.75 million in the pork lawsuit. The lawsuit remains pending against other major pork producers, including Hormel, Tyson Foods, Seaboard Foods and Triumph Foods, and the Agri Stats database company they allegedly used to share confidential information about price, capacity and demand. The meat industry argues that supply and demand factors drive prices, not anticompetitive behavior, but the industry’s practices have been questioned by the White House, several prominent members of Congress and trade groups.

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Smithfield agrees to pay $2 million to resolve child labor allegations at Minnesota meat plant
1 month, 1 week ago

Smithfield agrees to pay $2 million to resolve child labor allegations at Minnesota meat plant

Associated Press  

MINNEAPOLIS — Smithfield Foods, one of the nation’s largest meat processors, has agreed to pay $2 million to resolve allegations of child labor violations at a plant in Minnesota, officials announced Thursday. An investigation by the Minnesota Department of Labor and Industry found that the Smithfield Packaged Meats subsidiary employed at least 11 children at its plant in St. James …

Sysco accuses 4 largest beef processors of price fixing
2 years, 5 months ago

Sysco accuses 4 largest beef processors of price fixing

Associated Press  

— The nation’s largest food distributor has joined the other businesses accusing the four largest meat processors of working together to inflate beef prices. The Sysco Corp. lawsuit said the companies’ coordinated efforts to limit the number of cattle slaughtered drove down the price meat processors paid ranchers while propping up beef prices, boosting profits for the meat producers, who …

Beef giant JBS to pay $52.5M to settle price-fixing lawsuit
2 years, 10 months ago

Beef giant JBS to pay $52.5M to settle price-fixing lawsuit

Associated Press  

— Meatpacking giant JBS has agreed to a $52.5 million settlement in a beef price-fixing lawsuit that some say supports their concerns about how the lack of competition in the industry affects prices. Colorado-based JBS didn’t admit any wrongdoing as part of the settlement, and company spokeswoman Nikki Richardson said JBS will continue to defend itself against other plaintiffs in …

Tyson Foods to pay $221.5M to settle price-fixing claims
3 years, 11 months ago

Tyson Foods to pay $221.5M to settle price-fixing claims

Associated Press  

— Tyson Foods, the nation’s largest meat supplier, said it will pay more than $200 million to settle a class-action suit that alleged price-fixing among chicken producers, saying the agreement is in the best interests of the company and its stakeholders. The Springdale, Arkansas-based company agreed to the $221.5 million deal after class-action claims accused the chicken industry of purposely …

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