Seaboard Foods and direct purchaser plaintiffs have reached a settlement agreement for $9.75 million in a class-action pork price-fixing lawsuit. The parties have also agreed to cooperate in the plaintiffs’ ongoing litigation. This information was filed in a notice on June 22 in the U.S. District Court of Minnesota.
Seaboard has reached a settlement regarding allegations of conspiring with others to manipulate the price of pork products, in violation of federal antitrust laws. The alleged actions began on or before June 29, 2014, with the intent of increasing prices.
The filing states that Seaboard has not admitted any fault and denies the legal claims in the lawsuit. Approval of the settlement will prevent costs and risks of litigation for both parties and release Seaboard from liability to members of the certified class.
The court provided final approval to the settlement agreements between direct purchasers and JBS USA for $24.5 million and Smithfield Foods for around $77.4 million. The JBS settlement was granted final approval on July 27, 2021, while the Smithfield settlement was granted final approval on January 31, 2022.