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Update:
- A Minnesota federal judge gave final approval to a $75 million settlement, ending allegations against Smithfield Foods brought by indirect consumers claiming the company participated in a scheme to inflate pork prices.
- On April 11, U.S. District Judge John R. Tunheim filed the order for final approval, saying the agreement is a fair, reasonable and adequate deal for the class of consumer indirect purchasers.
- The Smithfield pork pricing settlement will benefit more than 17.6 million indirect pork buyers, the settlement states.
- The purchasers alleged that Smithfield and other large producers manipulated the price of pork by restricting supply. They allegedly did this by coordinating public statements and sharing price information.
Smithfield pork pricing settlement overview:
- Who: Smithfield Foods agreed to a $75 million settlement deal with indirect consumers.
- Why: The deal ends claims that it participated in a scheme to inflate pork prices.
- Where: The Smithfield settlement was filed in a Minnesota federal court.
(Sept. 29, 2022)
Smithfield Foods agreed to pay a $75 million settlement to end some claims brought by indirect consumers that it participated in a scheme to inflate pork prices.
The agreement was presented in a motion for preliminary approval filed Sept. 27 in a Minnesota federal court.
According to the motion, Smithfield also agreed to “certain cooperation provisions” that will strengthen the plaintiffs’ case against the remaining pork-industry defendants.
The original defendants included JB Foods, Clemens Food Group, Hormel Foods, Indiana Packers, Seaboard Foods, Smithfield Foods, Triumph Foods, Tyson Foods and Agri Stats.
This is the second deal reached between the indirect consumer purchasers and a meat company who previously reached a $20 million agreement with JBS USA Food Co.
Earlier this year, JBS and Smithfield also reached a $102 million class action settlement with direct pork purchasers over price-fixing allegations.
Smithfield settlement to benefit 17.6M class members
The Smithfield pork pricing settlement will benefit more than 17.6 million indirect pork buyers, the motion states.
The purchasers allege that Smithfield and other large producers manipulated the price of pork by restricting supply. They allegedly did this through coordinating public statements and sharing price information.
As a part of the Smithfield settlement deal, the company also agreed to provide discovery responses, documents or information to any other plaintiff making similar allegations.
“This settlement is the result of arm’s-length negotiations, conducted before an experienced mediator, which provides substantial monetary and non-monetary relief to the consumer [indirect purchaser plaintiffs] class,” the motion states.
The $75 million will go into a settlement fund that will be used to compensate the affected indirect purchasers and cover attorneys’ fees.
Compensation will be awarded to settlement class members based on the purchase of qualifying products.
What do you think about this settlement? Let us know in the comments!
The consumers are represented by Steve W. Berman, Shana E. Scarlett, Breanna Van Engelen and Elaine T. Byszewski of Hagens Berman Sobol Shapiro LLP and Daniel E. Gustafson, Daniel C. Hedlund, Michelle J. Looby and Joshua J. Rissman of Gustafson Gluek PLLC.
The Smithfield settlement is In re: Pork Antitrust Litigation, Case No. 0:18-cv-01776, in the U.S. District Court for the District of Minnesota.
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123 thoughts on$75M Smithfield settlement over pork price-fixing gets final approval
Eva Jane King, You’re a caregiver and you’re filling the infirmed arteries with fat and sodium? No bueno.
Smithfield was bought out by China. No bueno. What’s in that pork anyways?