Seaboard Foods, a company involved in the pork industry, has agreed to a settlement of $9.75 million in a lawsuit concerning allegations of price-fixing. The settlement was announced in a notice filed on June 22 in the U.S. District Court of Minnesota. The agreement also includes Seaboard's cooperation in the ongoing litigation brought by the plaintiffs.
The lawsuit claimed that Seaboard and others conspired to manipulate pork prices, which would be a violation of federal antitrust laws. The alleged actions were said to have started on or before June 29, 2014, with the intention of raising prices.
Seaboard has maintained that it is not admitting any fault and denies the legal claims made against it in the lawsuit. The settlement, if approved, will help avoid the costs and risks associated with further litigation for both parties involved. It will also release Seaboard from liability towards the members of the certified class.
In previous rulings, the court granted final approval to settlements between direct purchasers and JBS USA for $24.5 million and Smithfield Foods for around $77.4 million. The settlement with JBS was approved on July 27, 2021, while the settlement with Smithfield received final approval on January 31, 2022.
Photo Credit: istock-apichsn
Categories: Michigan, Livestock, Hogs