Cal-Maine Foods Agrees to $1.5 Million Settlement in Egg Price-Fixing Scandal
Cal-Maine Foods, Inc. (NASDAQ: CALM), the largest US producer and distributor of fresh shell eggs, has agreed to a $1.5 million settlement with the US Department of Justice and a coalition of attorneys general from 17 states. The settlement resolves claims that Cal-Maine and other major egg producers organized through a cooperative to supply cage-free eggs and attempted to manipulate an industry price index by sharing bidding information. The 15-month-long investigation alleged anti-competitive conduct, though Cal-Maine had exited the cooperative before the probe began. As part of the settlement, Cal-Maine also agreed to donate 30 million eggs to food banks and nonprofits. The company denies all wrongdoing, asserting that its conduct was lawful and the claims are baseless. The article also notes Cal-Maine's status as a dividend stock with a 5.65% yield, highlighted by Jim Simons' Renaissance Technologies.
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