TOP U.S. BROILER RAISER PLEADS GUILTY TO PRICE FIXING, GETS $100M FINE

Pilgrim’s Pride Corp. (Pilgrim’s), a major broiler chicken producer based in Greeley, Colorado, has pleaded guilty to price fixing and has been sentenced to pay approximately $107 million in criminal fines.

Pilgrim’s was brought to court by the Department of Justice (DOJ), which accused the firm of participating in a conspiracy to fix prices and rig bids for broiler chicken products, the Federal Bureau of Investigation (FBI) announced.

According to the plea agreement entered in the US District Court in Denver, from as early as 2012 and continuing at least into 2017, Pilgrim’s participated in a conspiracy to suppress and eliminate competition for sales of broiler chicken products in the US that affected at least $361 million in Pilgrim’s sales of broiler chicken products.

The District Court accepted Pilgrim’s guilty plea and sentenced the company to pay a criminal fine of $107,923,572.

“Today’s guilty plea demonstrates our unwavering commitment to prosecuting companies that violate the nation’s antitrust laws, especially when it involves something as central to everyday life as the food we eat,” said Richard Powers, Acting Assistant Attorney General of the Department of Justice’s Antitrust Division.

“This guilty plea is a direct result of the tireless efforts of our dedicated career prosecutors and staff, and partners at the FBI, Commerce Office of Inspector General (OIG) and USDA OIG.”

WEEKLY FEATURE : BONNER DYTOC SHOWS THE WAY IN STOCK PLAY