The second-largest poultry processor in the country, Pilgrim's Pride Corp., said on Wednesday that it will pay a $110.5 million fine as part of a plea agreement with the Justice Department, which is investigating price fixing in broiler chicken products. Pilgrim's announced the plea deal one week after a second former chief executive was indicted on charges of being part of a multiyear conspiracy among industry executives to rig bids and fix prices. (No paywall)
A federal grand jury indicted former chief executive William Lovette of Pilgrim's Pride, one of the largest U.S. poultry processors, and five other industry executives on charges of conspiring to fix prices and rig bids for broiler chicken products, announced the Justice Department on Wednesday.
A federal grand jury indicted four poultry industry executives on a charge of conspiring to fix prices and rig bids for broiler chickens, announced the Justice Department on Wednesday. The charges were the first in "an ongoing federal antitrust investigation into price-fixing, bid rigging, and other anticompetitive conduct in the broiler chicken industry," it said.
The District Court judge overseeing a massive price-fixing lawsuit against chicken companies said on Wednesday that he would extend a stay of discovery in that case to make way for a criminal investigation by the Department of Justice.