Hormel Foods will pay more than $11 million to settle class-action lawsuits alleging the company worked with other pork producers to illegally fix prices and overcharge customers, according to court records.
The proposed settlements, filed in federal court in Minneapolis last week, will see the Austin, Minn.-based food company end the litigation without admitting fault.
Hormel will pay $2.4 million to institutional customers like restaurants and delis; $4.8 million to wholesalers and other direct purchasers; and $4.4 million to consumers, if a federal judge approves the agreements.
My related question was: how many days (or maybe hours) of revenue is that for them?
A giant conglomerate like them, it might be minutes if not seconds.
This isn’t a slap on the wrist. It’s a light flick on the microbe on the fly on their wrist.