DOJ reaches settlement with major egg producers over alleged price manipulation

Reuters··Read original
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Summary · why it matters

The Justice Department and attorneys general from 17 states announced proposed settlements with three of the nation's largest egg producers after alleging they coordinated to manipulate a key pricing benchmark that inflated egg prices for consumers nationwide. Federal officials simultaneously filed a civil antitrust lawsuit against Cal-Maine Foods, Hickman's Egg Ranch and Versova while lodging the proposed settlements, which would prohibit the companies from engaging in the alleged conduct going forward. The companies agreed to pay a combined $3.3 million to participating states and donate approximately 53 million eggs to food banks and nonprofit organizations. The Justice Department alleges the companies manipulated daily price quotations published by Urner Barry, an industry benchmark that influences wholesale egg prices nationwide, by coordinating bidding activity to create the appearance of stronger demand and artificially inflate prices for billions of eggs sold each year. The proposed settlements remain subject to court approval following a 60-day public comment period required under the Tunney Act.

Impact on assets 1

Consumer Staples▼ · 1 stocks
Cal-Maine Foods Inc
CALM
▼ NegativeRegulationrelevance

DOJ filed antitrust lawsuit alleging price manipulation, with proposed settlement requiring payments and egg donations.

Off-coverage companies 2

Hickman's Egg RanchPrivate▼ Negative
Regulationrelevance

DOJ filed antitrust lawsuit alleging price manipulation, with proposed settlement requiring payments and egg donations.

VersovaPrivate▼ Negative
Regulationrelevance

DOJ filed antitrust lawsuit alleging price manipulation, with proposed settlement requiring payments and egg donations.

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