The Department of Justice has announced that a federal grand jury has indicted four executives previously employed by Pilgrim's Pride Corporation for alleged collusion in attempting to fix the prices of broiler chicken products. In addition, Koch Foods was indicted for collaborating in an industry conspiracy to set prices.
The Pilgrim's Pride executives none of whom are presently with the Company that were indicted included Jason McGuire, former Executive Vice-president of sales, Timothy Stiller, a former General Manager and Wesley Tucker and Justin Gay, former sales executives.
Pilgrim's Pride has settled with the Department of Justice, paying a $108 million penalty and has reached agreements with plaintiffs in a related civil case that ultimately led to the criminal indictments of two previous CEO's and other managers. Pilgrim's Pride took an approximately $410 million charge during Q2 of the current fiscal year.