Seaboard Foods reaches settlement in pork price-fixing suitSeaboard Foods reaches settlement in pork price-fixing suit
Company to pay $9.75 million to resolve allegations.
June 23, 2023
Seaboard Foods and direct purchaser plaintiffs named in a class-action pork price-fixing lawsuit filed a notice June 22 in the U.S. District Court of Minnesota informing the court that they have reached a $9.75 million settlement agreement. Seaboard also agreed to provide cooperation in the plaintiffs’ continued prosecution of the litigation, court documents show.
The settlement resolves for Seaboard allegations that it, along with co-conspirators, conspired and combined to fix, raise, maintain, and stabilize the price of pork products, beginning at least as early as June 29, 2014, with the intent and expected result of increasing prices of pork products, which is in violation of federal antitrust laws.
The filing says that while Seaboard has not admitted any liability and continue to deny the legal claims alleged in this lawsuit, “approval will avoid litigation costs and risks to direct purchaser plaintiffs and Seaboard and will release Seaboard from liability to members of the certified class.”
Further, the filing said the court has not decided whether Seaboard did anything wrong.
Direct purchasers had previously reached a settlement with JBS USA for $24.5 million and Smithfield Foods for approximately $77.4 million. The court granted final approval to the JBS settlement on July 27, 2021, and the Smithfield settlement on January 31, 2022.
According to court documents, Clemens Food Group, The Clemens Family Corporation, Hormel Foods Corporation, Triumph Foods LLC, Tyson Foods Inc., Tyson Prepared Foods Inc., Tyson Fresh Meats Inc., and Agri Stats Inc. have not reached settlement agreements in the lawsuit.
At press time, Seaboard Foods had not provided a comment.
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