Tuesday, April 12, 2022

Smithfield ready to settle price-fixing

Smithfield Foods Inc. is willing to pay $42 million to have a class-action lawsuit over price-fixing go away.

A federal court judge in Minnesota granted preliminary approval to a plan allowing Smithfield Foods Inc. to settle the case brought by commercial and institutional restaurants.

Judge John R. Tunheim ruled that the settlement is warranted because the claims filed by CIIPPs “present common issues and are typical of the Settlement Class,” and the proposed settlement “is superior to other means of resolving the matter,” court documents noted.

A hearing to finalize the deal has yet to be scheduled.

Smithfield said, “while we deny any lability in these cases and believe that our conduct has always been lawful, we decided that it was in the best interests of the company to negotiate a settlement. “