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PILGRIM'S PRIDE TO PAY $110 MILLION FINE IN DOJ'S PRICE FIXING RULING
CNN News reports:

New York (CNN Business)Pilgrim's Pride announced Wednesday that it will pay more than $110.5 million in a plea agreement with the US Department of Justice's Antitrust Division.

The plea is related to the DOJ's investigation into broiler chicken products, according to a news release. Earlier this year, senior executives from Colorado-based Pilgrim's (PPC) and Georgia-based Claxton Poultry Farms - major US chicken producers - were indicted for conspiring to fix prices and rig bids on broiler chickens, which are sold to grocery stores and restaurants.

The one-count indictment leveled charges against former CEO Jayson Penn and former vice president, Roger Austin. The Wall Street Journal reported Penn left the company in September.

"We are encouraged that today's agreement concludes the Antitrust Division's investigation into Pilgrim's, providing certainty regarding this matter to our team members, suppliers, customers and shareholders," said Fabio Sandri, interim CEO of Pilgrim's.

Pilgrim's is the second largest broiler chicken supplier in the United States, after Tyson Foods (TSN).


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