Tyson Foods has reached a preliminary settlement in an agreement to pay $85 million to end class action litigation over conspiring to inflate pork prices. The litigation began in 2018. The settlement awaits court approval from U.S. District Judge John Tunheim in Minneapolis.
The settlement, disclosed Wednesday (Oct. 1), is the largest in more than seven years of ongoing antitrust litigation in this matter. Competitor Smithfield Foods settled its claims in 2022 for $75 million. Other defendants Triumph Foods and AgriStats have yet to settle.
Tyson Foods did not respond to request for comment.
Tyson Foods is the second largest pork producer in the U.S. behind Smithfield. Pork comprised 11% of Tyson Foods sales last year at $5.83 billion. Tyson operates six pork packing facilities with a weekly slaughter capacity of 421,000 head.
In January, Tyson settled a similar suit involving its beef business, agreeing to pay $72.5 million to settle those claims in a federal court in Denver. This came on the heels of a $115.5 million settlement in price-fixing litigation argued in Maryland federal court against Tyson’s chicken business in December 2024.
Shares of Tyson Foods (NYSE: TSN) closed Thursday at $54.42, down 5 cents. Year to date, the share price is down 4.9%. Over the past 52 weeks the share price has traded between $51.85 and $65.95.