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Pilgrim's Pride Corporation announced a proposed settlement of a stockholder derivative lawsuit alleging breaches of…
PPCPilgrims Pride Corp
Pilgrim's Pride Corporation announced a proposed settlement of a stockholder derivative lawsuit alleging breaches of fiduciary duty regarding a Charter Amendment and Tax Sharing Agreement with majority owner JBS. The defendants, including JBS entities and directors, agreed to pay $31 million to the Company in exchange for a release of all claims. This amount represents an additional payment over approximately $50 million already anticipated under the existing Tax Sharing Agreement. Individual stockholders will not receive direct payments; funds go to the Company after deducting attorneys' fees up to $4,805,000 and notice costs. The settlement requires final approval by the Delaware Court of Chancery at a hearing scheduled for November 20, 2026. Pilgrim's Pride Corporation operates in the poultry industry, producing and processing chicken products.