In a significant legal development, a federal judge has given the green light to a multi-million-dollar settlement on Friday, concluding a case between two poultry producers and a class of direct purchasers, as documented in court records.
House of Raeford Farms and Koch Foods recently agreed to pay substantial amounts of $27.5 million and $47.5 million, respectively, to settle allegations of price-fixing. The class, representing direct purchasers, has successfully reached settlements totaling $284 million with various poultry producers accused of conspiring to manipulate chicken prices.
Both House of Raeford Farms and Koch Foods firmly denied any wrongdoing, emphasizing that the settlements were reached to mitigate the costs associated with litigation and to avoid potential adverse judgments at trial.
Notably, the largest settlements in this case came from Pilgrim’s Pride, amounting to $75 million, and Tyson Foods, totaling $79.3 million. The resolution of these legal matters marks a significant step in addressing concerns related to price-fixing practices within the poultry industry.
