Tyson Foods Agrees To Pay $221.5 Mln To Settle Broiler Chicken Price-fixing Claims

Tyson Foods Inc. (TSN) agreed to pay $221.5 million to settle complaints over price-fixing allegations.

The settlements amount will reflect in the first quarter 2021 financial statements, the company disclosed in a regulatory filing.

Settlement terms were reached with the putative Direct Purchaser Plaintiff Class, the putative Commercial and Institutional Indirect Purchaser Plaintiff Class and the putative End-User Plaintiff Class in its broiler chicken antitrust litigation, the company said.

The company did not admit any liability as part of the settlements, but it believes that the settlements were in the best interests of the company and its shareholders in order to avoid the uncertainty, risk, expense and distraction of protracted litigation.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Shares of Philips Electronics NV were losing around 2 percent in the morning trading in Amsterdam after the Dutch consumer electronics giant on Monday trimmed its outlook for fiscal 2021 after reporting weak EBITA and sales in its third quarter. The results were hurt by supply chain challenges as well as Sleep & Respiratory Care recall. However, quarterly net profit was significantly higher. The Goldman Sachs Group, Inc. (GS) reported that its third quarter net earnings applicable to common shareholders increased 63 percent year-on-year. Net revenues were also significantly higher reflecting significantly higher net revenues in Investment Banking, Global Markets and Consumer & Wealth Management,... Butterball, LLC recalled about 14,107 pounds of ground turkey products for potential contamination with foreign materials, specifically blue plastic material, the U.S. Department of Agriculture's Food Safety and Inspection Service (FSIS) said in a statement.
Follow RTT