{"id":1661134,"date":"2022-09-27T20:53:54","date_gmt":"2022-09-28T00:53:54","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1661134"},"modified":"2022-09-27T20:54:02","modified_gmt":"2022-09-28T00:54:02","slug":"smithfield-foods-to-pay-75-million-in-pork-price-fixing-settlement","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/smithfield-foods-to-pay-75-million-in-pork-price-fixing-settlement\/","title":{"rendered":"Smithfield Foods to pay $75 million in pork price-fixing settlement"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsmithfield-foods-to-pay-75-million-in-pork-price-fixing-settlement%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1661134&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Jonathan Stempel<\/p>\n<p>(Reuters) \u2013     Smithfield Foods Inc has agreed to pay $75 million to settle a lawsuit by consumers who accused the meat producer and several competitors of conspiring to inflate prices in the $20 billion-a-year U.S. pork market by limiting supply.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>A preliminary settlement was filed on Tuesday night with the federal court in Minneapolis, and requires approval by U.S. District Judge John Tunheim.<\/p>\n<p>The accord follows the judge\u2019s Sept. 14 approval of a similar $20 million settlement between consumers and JBS SA, one of Smithfield\u2019s largest rivals.<\/p>\n<p>Smithfield did not immediately respond to requests for comment after market hours.<\/p>\n<p>The Smithfield, Virginia-based company, a unit of WH Group Ltd, denied liability but settled to avoid the uncertainty, risk and cost of litigation, settlement papers show.<\/p>\n<p>Several companies have faced lawsuits in Minneapolis and Chicago also accusing them of inflating beef and chicken prices.<\/p>\n<p>In the pork litigation, Smithfield previously reached settlements of $83 million with so-called \u201cdirect\u201d purchasers such as Maplevale Farms and $42 million with commercial purchasers, a group that includes restaurants.<\/p>\n<p>Some of the other defendants are Hormel Foods Corp, Tyson Foods Inc and data provider Agri Stats Inc.<\/p>\n<p>Smithfield agreed to provide cooperation that the plaintiffs\u2019 lawyers said will strengthen their cases against the remaining defendants.<\/p>\n<p>The Biden administration has announced plans to bolster competition in the meat sector, amid concern that some meat packers could dictate prices and add to inflationary pressures.<\/p>\n<p>The case is In re Pork Antitrust Litigation, U.S. District Court, District of Minnesota, No. 18-01776.<\/p>\n<p> (Reporting by Jonathan Stempel in New York; Editing by Chris Reese)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/smithfield-foods-to-pay\/attachment\/file-photo-outbreak-of-the-coronavirus-disease-covid-19-in-sioux\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/09\/tagreuters.com2022binary_LYNXMPEI8Q13D-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI8Q13D-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Jonathan Stempel (Reuters) \u2013 Smithfield Foods Inc has agreed to pay $75 million to settle a lawsuit by consumers who accused the meat producer and several competitors of conspiring<\/p>\n","protected":false},"author":66,"featured_media":1889277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1661134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_finder_url":"https:\/\/www.oann.com\/business\/smithfield-foods-to-pay\/?utm_source=rss&utm_medium=rss&utm_campaign=smithfield-foods-to-pay","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1661134","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1661134"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1661134\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1889277"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1661134"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1661134"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1661134"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}