Pilgrim’s Pride Reaches Settlement on Price-Fixing Charges

Pilgrim’s Pride will pay more than $110 million in a plea agreement related to a chicken price-fixing investigation. The company entered a plea agreement with the Department of Justice Antitrust Division with respect to its investigation into the sales of broiler chicken products in the United States. In the plea agreement, which is subject to the approval of the United States District Court of Colorado, Pilgrim’s and the Antitrust Division agreed to the fine for restraint of competition that affected three contracts for the sale of chicken products to one customer in the United States. The agreement does not recommend a monitor, any restitution or probationary period, and provides that the Antitrust Division will bring no further charges against Pilgrim’s in this matter, provided the company complies with the terms and provisions of the agreement. Pilgrim’s Pride CEO stated in the announcement, “Pilgrim’s is committed to fair and honest competition in compliance with U.S. antitrust laws.”