Latest News: Tyson Foods Agrees to $85 Million Settlement in Pork Price-Fixing Lawsuit
Tyson Foods has reached an $85 million settlement in a class action lawsuit accusing the company of colluding with other meatpacking giants to artificially inflate pork prices. This marks the largest payout in a price-fixing case that has been ongoing for seven years, surpassing Smithfield Foods’ $75 million settlement in late 2022.
The lawsuit alleges that Tyson Foods, along with other major producers, used the tech platform Agri Stats to manipulate pork supply and drive up prices. Similar cases involving turkey and beef supply are also being pursued against meatpackers.
Implications of the Settlement
Meatpacking giants have collectively agreed to pay close to $200 million to settle allegations of a pricing scheme that led to higher costs for bacon, sausages, and other pork products for consumers and grocery stores. The lawsuit, first filed in 2018, claims that eight of the largest U.S. pork producers conspired to control production numbers and increase profits between 2009 and 2021.
Tyson Foods, known for brands like Hillshire Farms and Ball Park Franks, reported that pork accounted for 11% of its $53 billion in sales for fiscal year 2024. The company’s settlement adds to a series of legal actions against major meatpackers, including a $221 million settlement Tyson agreed to in 2021 for a chicken price-fixing suit.
While Tyson Foods has not yet commented on the settlement, the final agreement is pending approval from a district judge.