NBC News is tracking changes in the prices of eggs, bread, ground beef, chicken and other grocery items to monitor the impact on consumers’ food bills.
The states and federal government accused Cal-Maine Foods, Versova and Hickman’s Egg Ranch of a behind-the-scenes arrangement to “artificially inflate the daily price quotations for eggs” between June 2022 and March 2025. In particular, their investigation found that the companies coordinated on what bids they would submit to Urner Barry Publications, a company that runs an index key to determining how much grocery stores, restaurants and others pay for billions of eggs each year.
Cal-Maine — the only of the three companies that is public and reports quarterly financials — reported a profit of $1.22 billion for the 2025 fiscal year. Under its settlement agreement with the states, the company would pay $1.5 million and donate 30 million eggs.
They profited closer to $4-5 billion. That $1.2 billion figure was for one year, from the one publicly traded company. The three largest egg producers participated in this for 4 years.
The egg prices were a result of price fixing in an effort to undermine the Biden administration and get Trump elected.
The 3 companies involved were fined ($3.3 million, after profiting 1.2 Billion from it).
And here’s the source: https://apnews.com/article/egg-prices-collusion-settlement-d32b05892541613df3f4e4932109ee0c
A slap on the wrist.
They profited closer to $4-5 billion. That $1.2 billion figure was for one year, from the one publicly traded company. The three largest egg producers participated in this for 4 years.
I wish the fines were at least somewhat in line with the profit. There is no negative incentive to bend at the knee.