Tyson Foods has agreed to pay $221.5 million to settle all class claims related to its previously disclosed broiler chicken antitrust litigation.
The lawsuit was filed by a group of poultry buyers over accusations that Tyson Foods had illegally conspired to inflate chicken prices.
Recorded in a filing dated 19 January, the US meat processor agreed to pay the amount to settle price-fixing lawsuits with plaintiffs. The settlement will be reflected in Tyson’s first quarter 2021 financial statements.
According to Reuters, the latest settlement was with so-called “end-user” consumers.
In its filing, Tyson says “while [it] does not admit any liability as part of the settlements, it believes that the settlements were in the best interests of the company and its shareholders in order to avoid the uncertainty, risk, expense and distraction of protracted litigation”.
The announcement comes shortly after Tyson agreed to settle related antirust claims by purchasers who bought chickens directly from them. Details of a settlement price were not included. Meanwhile, Pilgrim’s Pride, owned mainly by Brazil’s JBS, agreed on 11 January to pay $75 million over similar claims.
© FoodBev Media Ltd 2020
World Dairy Innovation Awards – OPEN FOR EARLY BIRD ENTRIES!
The awards celebrate excellence and innovation across the global dairy industry.
Don’t miss out on having your innovations recognised on a global scale.
Early bird deadline 19 March – enter now!