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.
File: The Smithfield Foods Inc. plant in Sioux Falls, South Dakota, U.S., on Wednesday, April 15, 2020. 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.
The restaurant companies that sued accused the meat processors that control more than 70% of pork production of coordinating efforts to limit the supply of hogs and inflate prices between 2009 and this year. File: Packages of Smithfield Foods Inc. bacon are displayed for sale inside a Kroger Co. grocery store in Louisville, Kentucky, U.S. on Tuesday, June 17, 2014.
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