Pilgrim’s Pride Corp. has 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.
The agreement must still be approved by the U.S. District Court in Colorado. Pilgrim’s Pride had been scheduled to face price-fixing charges in federal court on Thursday, according to court filings.
“Pilgrim’s is committed to fair and honest competition in compliance with U.S. antitrust laws,” Pilgrim’s CEO Fabio Sandri said in a statement.
The Department of Justice confirmed the plea deal but said it won’t comment until the agreement is filed with the court.