Agriculture
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February 24, 2021
Pilgrimâs Pride pled guilty in a District of Colorado criminal lawsuit to price-fixing allegations. The broiler chicken producer was issued a $107.9 million criminal fine. The United States Department of Justice announced the criminal fine on Tuesday.Â
According to the press release, Pilgrimâs Pride is the first corporation to plead guilty in the criminal antitrust investigation. The plea agreement reportedly says that the price-fixing conspiracy began as early as 2012 and lasted until at least 2017. The DOJ said that the conspiracy, which included eliminating competition, affected over $361 million in sales from Pilgrimâs Pride. In accordance with the Sherman Act, a company can be charged a maximum fine of $100 million, but the amount can be increased to up to twice the companyâs cane from the conspiracy or twice the victimâs loss if either is greater.Â
Pilgrim’s Pride Corp., a major broiler chicken producer based in Greeley, Colo., has pleaded guilty to price fixing and bid rigging, and has been sentenced to pay approximately $107 million in criminal fines for its…
Pilgrim s Pride Corp pleads guilty to price fixing; sentenced to $107 million fine kltv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kltv.com Daily Mail and Mail on Sunday newspapers.
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On Thursday, February 4, 2021, the Federal Trade Commission (FTC), with the concurrence of the Department of Justice’s Antitrust Division (DOJ), announced that it had suspended the process by which requests for early termination of Hart-Scott-Rodino Act (HSR Act) waiting periods are granted, potentially signaling a more aggressive approach to merger review.
Key Takeaways
For the foreseeable future, filing parties must in all cases wait for the full 30-day waiting period to expire before closing.
The rule applies to currently filed transactions and to any new filings.
The shift in practice by the FTC and the DOJ may preview a significant departure from the approach to merger enforcement under both Democratic and Republican administrations for decades.
SEC s Pricing Data Case and Asset Manager Considerations natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.