Smithfield foods reaches $42 million settlement against claims of fixing pork prices
Smithfield Foods has reached a $42 million settlement with several restaurants that claimed the meat processor conspired to inflate pork prices.
The restaurants say that Smithfield along with several other companies – Hormel, Tyson Foods, Seaboard Foods, Triumph Foods and a database company – shared confidential information about price, capacity and demand from 2009 until early 2022.
The U.S. District Court of Minnesota said the settlement does not indicate wrongdoing against Smithfield.
If the agreement is approved by the court, restaurants in Arkansas, Iowa, Kansas, Michigan, Minnesota, Nebraska, South Dakota, Tennessee and Wisconsin would be eligible for a share of the payment.
A final decision is expected in October.
Smithfield Foods declined Brownfield’s request for comment.