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National & World Ag News Headlines |
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Pilgrim's Pride Pleads Guilty to Price Fixing
USAgNet - 02/24/2021
Pilgrim's Pride Corp, one of the largest U.S. poultry producers, pleaded guilty and was sentenced to pay a $107.9 million fine on Tuesday to settle federal charges it conspired to fix chicken prices and passed on the costs to consumers and other purchasers.
Reuters reports that Chief Executive Fabio Sandri entered the guilty plea on the company's behalf at a hearing before U.S. District Judge Raymond Moore in Denver. A plea agreement had been reached in October.
The plea followed the indictments last year of 10 poultry industry executives, including former Pilgrim's Pride Chief Executives Jayson Penn and Bill Lovette, on price-fixing charges. All 10 have pleaded not guilty.
Pilgrim's Pride is based in Greeley, Colorado, and owned mainly by Brazilian meatpacker JBS SA.
It was the first U.S. poultry company to settle charges that companies conspired from 2012 to at least 2019 to reduce production in order to boost prices of broiler chickens, which account for most chicken meat consumed in the United States.
Prosecutors estimated that Pilgrim Pride's illegal activity affected at least $361 million in sales of its broiler chicken products.
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