Agreeing to settle ๐ค
Oct 03, 2022
Smithfield Foods Inc. has agreed to pay $75 million to settle a lawsuit by consumers. The meat producer and several competitors had been accused of conspiring to inflate prices in the US pork market by limiting supply.
- We’ve talked about this before – catch up here.
The Smithfield spokesman said the company denies responsibility in agreeing to settle; and that the accord reduces the distraction, risk, and cost of prolonging the suit, besides eliminating a substantial portion of Smithfield’s remaining liability in the nationwide case.
โ ๏ธ And to make sure it doesn’t happen again…
The Biden administration has announced plans to bolster competition in the meat sector, amidst concerns that some meat packers could dictate prices and add to inflationary pressures.
