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Diving Briefs:
- Tyson Food agreed Pay $ 85 million to solve the class lawsuit. It is accused of conspiracy to impress pork prices with JBS and other meat packing giants.
- The agreement is the largest payment in the seven -year price fixing case. Previously, the biggest agreement was $ 75 million in Smithfield Foods. agreement Late 2022.
- The latest lawsuit argues that meat and poultry processors have conspired with other major producers, using technology platform AGRI statistics and intentionally raising the price of pork. MeatPackers also face similar cases. turkey and Beef supply.
Dive Insights:
Meat packing giants agreed to pay So far, close to $ 200 million The sophisticated pricing system solves the claim that it has been forced to pay more for groceries and consumers to pay more prices for bacon, sausage and other pork products.
The price fixing lawsuit, which was first filed in 2018, was claimed by eight of the largest pork producers in the United States who illegally provided that the production number was illegally conspired to adjust the number of production and profitability between 2009 and 2021.
Tyson’s pork brands include Hillshire Farms, Ball Park Franks and Wright Brand Bacon. Pork was made 11% of Tyson’s $ 53 billion in fiscal year 2024The company reported.
JBS had previously solved this incident in 2022 in 2022. Two years later, SeaBoard reached an agreement of $ 10 million, and Hormel Foods agreed to pay $ 4.5 million.
The Tyson agreement adds to the alleged price fixing and wage suppression for the largest meat packers in the United States. Tyson agreed to pay before $ 222 million to settle chicken price fixed suits 2021.
Tyson did not immediately respond to the food dive for the request. The final agreement still requires approval from a local judge.
