Financial Power Services

Pilgrim's Pride Settles for $110 Million for Price Fixing Chicken

Friday, October 16, 2020 08:01 AM Comment(s)

Deep fried, please.

Which came first? The Chicken, or the Price Fixin'?

One of the largest poultry producers in the United States, Pilgrim's Pride, announced on Wednesday that it would pay $110.5 million to settle federal charges that it had helped fix prices - passing higher costs for chicken to consumers, restaurants and groceries.

The settlement comes after federal prosecutors ramped up pressure on top industry executives. This settlement reached with the Department of Justice will need to be approved by the U.S. District Court for the District of Colorado.

Back in June, prosecutors indicted two high ranking executives of Pilgrim's Poultry along with two others from Claxton Poultry. They were accused of colluding from at least 2012 to 2017 to manipulate prices and rig bids across the US.

The companies dispute the allegations, and will neither confirm nor deny which came first.