Previously, Smithfield settled with a different group of pork buyers for $83 million.
Smithfield Foods will pay restaurants and caterers $42 million to settle a lawsuit that accused the giant meat producer of conspiring to inflate pork prices, which will likely only add to concerns about how the lack of competition in the industry affects meat prices.
Neither Smithfield nor JBS admitted any wrongdoing as part of those settlements, and officials at Smithfield's headquarters in Virginia declined to comment on the details of the deal. Pilgrim's Pride Corporation, one the nation's largest chicken producers, based in Greeley, Colorado, was fined $107 million after pleadingRestaurant companies had sued Smithfield and other meat processors that together control more than 70% of pork production. The suits accused the companies of coordinating efforts to limit the supply of hogs and inflate prices between 2009 and this year.
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Smithfield Foods settles pork price-fixing lawsuit for $42MSmithfield Foods will pay restaurants and caterers $42 million to settle a lawsuit that accused the giant meat producer of conspiring to inflate pork prices.
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