Pilgrim s Pride Corp, one of the largest U.S. poultry producers, pleaded guilty and was sentenced to pay a $107.9 million fine on Tuesday to settle federal charges it conspired to fix chicken prices and passed on the costs to consumers and other purchasers.
Chief Executive Fabio Sandri entered the guilty plea on the company s behalf at a hearing before U.S. District Judge Raymond Moore in Denver. A plea agreement had been reached in October.
The plea followed the indictments last year of 10 poultry industry executives, including former Pilgrim s Pride Chief Executives Jayson Penn and Bill Lovette, on price-fixing charges. All 10 have pleaded not guilty.
Pilgrim s Pride is based in Greeley, Colorado, and owned mainly by Brazilian meatpacker JBS SA.
It was the first U.S. poultry company to settle charges that companies conspired from 2012 to at least 2019 to reduce production in order to boost prices of broiler chickens, which account for most chicken meat consumed in the United States.
Prosecutors estimated that Pilgrim Pride s illegal activity affected at least $361 million in sales of its broiler chicken products.
The fine was less than federal guidelines recommended because of the company s substantial assistance, Moore said.
Tyson Foods Inc, another poultry producer, has said it was cooperating with the Justice Department probe under a corporate leniency program.
Pilgrim s Pride, Tyson, Perdue Farms Inc and Sanderson Farms Inc are also facing federal lawsuits in Chicago by consumers, restaurants, supermarket chains and food distributors over alleged price rigging dating back to 2008.
The producers were accused there of using data from an outside service to review rivals production and pricing activities, which should have remained confidential.
Chick-fil-A, Kroger Co, Walmart Inc and Sysco Corp are among the plaintiffs in Chicago. In January, Pilgrim s Pride and Tyson agreed to pay a respective $75 million and $221.5 million to settle other claims there. REUTERS
Tuesday 2 March 2021
todayonline - 6 days ago
Pilgrim s Pride pleads guilty to chicken price-fixing charge, to pay $107.9 million fine
Latest News
Fauci says U.S. must stick to two-shot strategy for Pfizer, Moderna COVID-19 vaccines: paper
- todayonline Fauci says U.S. must stick to two-shot strategy for Pfizer, Moderna COVID-19 vaccines - paper
- todayonline 1,700 flats surrendered to HDB over past 5 years, including 700 given up due to reasons like divorce
- straitstimes Josephine Teo trucks out the old and tired argument of the foreign bogeyman once more
- theonlinecitizen SDP’s Chee Soon Juan urges JRTC to build sidewalk near Blk 190 after resident was hit by a vehicle
- theonlinecitizen Transparency is key in addressing unwanted foreign influence, said NUS Assoc. Prof
- theonlinecitizen Boeing, Australian air force say pilotless, fighter-like jet completed first test flight
- todayonline Hong Kong democrat faints in court after protesters gather for landmark subversion hearing
- asiaone New York virus variant harbors another worrisome mu vaccinating elderly adds most years of life
- asiaone
CapitaLand and CDL s earnings may rebound in 2021, but will that lift their share prices?
- businesstimes
WillScot Mobile Mini Announces Launch of Secondary Offering and Concurrent Stock Repurchase
- asiaone Fall in Singapore s January arrivals attributed to fresh flare-up of Covid-19 pandemic, seasonal factors
- businesstimes U.S. says detentions in Hong Kong show national security law is being used to stifle dissent
- todayonline Historic Hyperloop Vehicle to be Unveiled to the Public at the Smithsonian FUTURES Exhibition this Fall
- asiaone U.S. considering additional steps to promote accountability for Houthi leaders in Yemen
- todayonline Johnson Johnson waiting on new plant approval to ship high volumes of vaccine: executive
- todayonline Acres: David the tame wild boar from viral video in S pore likely trained by feeder over time
- mothership Sources