Smithfield Foods agrees to multimillion dollar price-fixing settlement
With the latest settlement, the company will have paid $200 million
Smithfield Foods has agreed to pay $75 million to settle accusations that it colluded with other industry pork producers to artificially inflate the price of pork to consumers, according to federal court records.
Smithfield, the nation’s largest pork producer, and other industry players were accused in a class action lawsuit of using techniques to increase the price of pork, including limiting pork supplies in the U.S. market and price fixing.
“Plaintiffs allege defendant pork processors have agreed to stabilize the price and supply of pork through a series of collusive acts, including by limiting the U.S. supply of pork and through the use of Agri Stats,” the settlement agreement reads. “Plaintiffs allege Agri Stats provided the defendants with weekly and monthly reports on the price and supply levels of pork.”
Smithfield is the third-largest employer in Sioux Falls, with about 3,700 employees reported in 2021.
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