5 poultry industry execs found not guilty of price fixing

By AP News

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Five executives from the poultry processing industry have been found not guilty of conspiring to fix prices.

Five executives from the poultry processing industry have been found not guilty of conspiring to fix prices.

A jury in a Denver federal court acquitted former Pilgrim’s Pride CEOs Jayson Penn and William Lovette; Roger Austin, a former Pilgrim’s vice president; Mikell Fries, president of Claxton Poultry and Scott Brady, a Claxton vice president.

In October 2020 Pilgrim's Pride reached a plea agreement with the U.S. government over charges of price-fixing in the chicken industry.

Under the agreement, Pilgrim’s Pride would pay a fine of $110.5 million as a penalty for restraining competition in three separate contracts with a U.S. customer. In exchange, the U.S. Department of Justice would not bring further charges against Pilgrim’s Pride or recommend a monitor or any probationary period.

Pilgrim’s Pride, based in Greeley, Colorado, is a division of JBS USA, the U.S. subsidiary of Brazilian meat production giant JBS SA.

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Consumer Discretionary

Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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