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Stock impact report

Smithfield Foods to pay $75 million in pork price-fixing settlement [Reuters]

Hormel Foods Corporation (HRL) 
Last hormel foods corporation earnings: 2/20 06:30 am Check Earnings Report
US:NYSE Investor Relations: investor.hormelfoods.com
Company Research Source: Reuters
of conspiring to inflate prices in the $20 billion-a-year U.S. pork market by limiting supply. FILE PHOTO: Workers walk out of Smithfield Foods pork plant as the spread of the coronavirus disease (COVID-19) continues, in Sioux Falls, South Dakota, U.S., April 16, 2020. REUTERS/Shannon Stapleton A preliminary settlement was filed on Tuesday night with the federal court in Minneapolis, and requires approval by U.S. District Judge John Tunheim. The accord follows the judge's Sept. 14 approval of a similar $20 million settlement between consumers and JBS SA, one of Smithfield's largest rivals. Smithfield did not immediately respond to requests for comment after market hours. The Smithfield, Virginia-based company, a unit of WH Group Ltd, denied liability but settled to avoid the uncertainty, risk and cost of litigation, settlement papers show. Several companies have faced lawsuits in Minneapolis and Chicago also accusing them of inflating beef and chicken prices. In the pork Show less Read more
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