Smithfield Foods announced that it will pay $83 million to settle price-fixing litigation. Reuters reports that the claims came from direct purchasers that accused the company of having fixed prices starting in 2009.
Keira Lombardo, Smithfield's chief administrative officer, told Reuters that the settlement eliminates a "substantial portion" of the Smithfield, Virginia-based company's exposure in the litigation. The company is also denying liability and believes that its conduct was always lawful.
Hormel Foods Corp., JBS USA, Tyson Foods Inc, and Agri Stats Inc. are among defendants in the litigation.