Seaboard Foods has agreed to settle two lawsuits alleging its involvement in a price-fixing conspiracy with other pork producers. The settlements, totaling nearly $15 million, address claims that date back to 2009.
The company reached a $4.96 million settlement with the Commercial and Institutional Indirect Purchaser Plaintiffs (CIIPPs). This settlement, which has received preliminary approval from a federal judge in Minnesota, adds to the CIIPPs’ previous settlements with JBS, Smithfield, and Hormel, bringing the total compensation to over $59 million.
Additionally, Seaboard Foods settled with the Consumer Indirect Purchaser Plaintiffs (Consumer IPPs) for $10 million. This agreement increases the total settlements for the Consumer IPPs to $109.465 million, following previous agreements with Hormel Foods Corporation ($4.465 million), JBS USA Food Company and its affiliates ($20 million), and Smithfield Foods ($75 million).
The lawsuits allege that pork processors conspired to stabilize prices and control supply through various methods, including the use of Agri Stats reports and herd culling. As part of the settlements, Seaboard Foods will provide discovery materials and cooperate with the plaintiffs by authenticating documents and providing testimony.
