Pilgrim’s Pride to pay $110M in price-fixing plea agreement – And JBS/Pilgrims Pride can continue to steal all they want ….

Pilgrim’s Pride to pay $110M in price-fixing plea agreement

By Lisa M. Keefe on 10/14/2020

Pilgrim’s Pride Corporation announced that it has entered into a plea agreement with the U.S. Department of Justice Antitrust Division, in which it will pay a fine of $110.5 million for restraint of competition that affected three contracts for the sale of chicken products to one customer in the United States, the company said in a news release.

The agreement, which is subject to the approval of the United States District Court of Colorado, ends the investigation into Pilgrim’s Pride for its role in alleged wide-ranging schemes to fix prices in the broiler market that has snagged several companies in multiple lawsuits.

The agreement with the DOJ 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 expects to record the fine as a miscellaneous expense in its financial statements in the third quarter of 2020.

“Pilgrim’s is committed to fair and honest competition in compliance with U.S. antitrust laws,” Fabio Sandri, Pilgrim’s CEO, said in the release. “We are encouraged that today’s agreement concludes the Antitrust Division’s investigation into Pilgrim’s, providing certainty regarding this matter to our team members, suppliers, customers and shareholders.”