Wednesday, July 6, 2022

Smithfield settles lawsuit with $42 million

Smithfield Foods settled a pork price-fixing lawsuit for $42 million.

The lawsuit was filed by restaurants and caterers.

Smithfield earlier paid $83 million to settle a lawsuit filed by hog farmers.

Smithfield denied any wrongdoing and said settling for $52 million was better than fighting a court battle.

JBS has also settled with restaurants and caterers for $12.75 million.

I guess the tens of millions are just another tax-deductible expense.

Other pork processors remain involved in the lawsuit, including Hormel, Tyson Foods, Seaboard Foods and Triumph Foods, along with Agri Stats.