Pilgrim’s Pride Corp. has reached a plea agreement with the U.S. government over charges of price-fixing in the chicken industry.
If a federal judge approves the agreement, Pilgrim’s Pride would pay a fine of $110.5 million as a penalty for restraining competition.
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.
Pilgrim’s Pride had been scheduled to face price-fixing charges in federal court Thursday.
The company’s former president and CEO and former vice president were indicted separately on price-fixing charges in June.
Pilgrim’s Pride CEO stated in the announcement, “Pilgrim’s is committed to fair and honest competition in compliance with U.S. antitrust laws.”