Egg suppliers ordered to pay $17.7 million by federal jury for price gouging in 2000s

[BumRushDaShow]

Source: CBS News/AP

December 2, 2023 / 4:21 PM EST


A federal jury in Illinois ordered $17.7 million in damages — an amount tripled to more than $53 million under federal law — to several food manufacturing companies who had sued major egg producers over a conspiracy to limit the egg supply in the United States.

The jury ruled last week that the egg producers used various means to limit the domestic supply of eggs to increase the price of products during the 2000s. The time frame of the conspiracy was an issue throughout the case; jurors ultimately determined damages occurred between 2004 and 2008.

The damages verdict was reached Friday in the Northern District of Illinois. According to federal antitrust law, the damages are automatically tripled, bringing the total to over $53 million. Court documents on the verdict were not readily available Friday evening, but statements from the manufacturers' attorney and one of the egg producers confirmed a total of about $17.7 million.

Brandon Fox, an attorney representing the food manufacturers, said in a statement, "We are extremely grateful for the jury's service and findings. This was an important case for many reasons, and the jury's award recognizes its significance." Court documents show the defendants have denied the claims.

Read more: https://www.cbsnews.com/news/egg-suppliers-ordered-to-pay-17-7-million/

[Marthe48]

1. Gee if only someone could prove gouging in fossil fuel supplies

processed food, protein and electronics, to mention a few, perhaps prices would decrease to a bearable level.

But no. Egg prices will go up, to offset the cost of the fox in the henhouse getting caught.

[cstanleytech]

2. Probably not even a drop in the bucket compared to the money made from it.

[BComplex]

3. Good!

I wish there was in place a windfall profits tax every time a large corporation makes unprecedented profits with no change in technology or production capacity.

[Sneederbunk]

4. Jury is not yolking.

[jpak]

5. Sounds like something Jack Decoster would do

Yup

[Evolve Dammit]

11. My first thought!

[keithbvadu2]

6. Egg prices

.

[onecaliberal]

7. They're going back up here inexplicably.

[VGNonly]

8. In the egg industry,

this is standard operating procedure.

[Duppers]

14. Sadly, cruelty seems a given in any animal product.

As it is in nature.

[CousinIT]

9. This happens in EVERY corporate-owned industry.

Fossil fuels, healthcare, pharmaceuticals, other food producers, media, EVERYBODY. Greedflation is a thing. Media won't mention it because they are part of the problem. Democrats don't mention it often enough. EVERYBODY needs to have their fingers pointed directly at the greedflators - the corporations that run, own, and control every industry in the US that everyone depends on to survive AND owns and controls our regulators and gov't representatives.

Talk about the 'deep state'... THAT is the ACTUAL 'deep state' - the damn corporations and billionaires who own them and who bought our government and media out from under us while they're ripping us off and getting richer and richer.

[Evolve Dammit]

12. corporate-owned society....

[DENVERPOPS]

13. Hell,

Corporate owned Government or (vice versa)


Dictionary definition of the Merger of Corporations and Government is: FASCISM

[Evolve Dammit]

28. All of the above. I think the politicians should have sponsor stickers/emblems all over their suits like NASCAR.

[Farmer-Rick]

22. It's how monopoly capitalism works

The capitalist system encourages monopolies. It's the best way for the filthy-rich to control and increase prices. So those antitrust laws that most presidents since Raygun ignore (with the help of the Supremes), are really needed. But they are rarely used.

Republicans never used the laws to stop businesses from forming monopolies. It's what they mean by "free" markets.

That said, they really didn't control all the markets. I got the best prices on my eggs at the Farmer's Market during those years. I would sell out every day at $5.00 a doz. But I seem to recall maybe there was a big to do about avian flu back then too, not sure about when the flu hit.

Before then, people would expect to buy my organic, free range brown chicken eggs at $1.00 a dozen. Even my French Maran eggs (One of the most expensive
eggs you can buy in Europe) people expected to buy at $1.00 a dozen. At that rate, it didn't even cover a third of the cost of feed.

I still have chickens and sell eggs from time to time. The prices are much better today. People seem to realize that well cared for (maybe pampered) organic free range chickens cost more to raise and care for.

[underpants]

26. 54% of our inflation was just profit taking

We didn’t really think all these industries were going to let US keep that 2020 money of THEIRS in OUR pockets, did we?

[BidenRocks]

10. I have not bought eggs since covid

I will not support price gouging.
Choke on your overpriced eggs! Assholes!

[Ferrets are Cool]

15. Will this cause prices to go up again?

[BigmanPigman]

16. The price jump about a year ago was enormous.

It was such a huge increase in such a short time that we all knew it was BS greed. The motherfucking assholes will take the pennies off of your eyes and that will never change. Humans are greedy, selfish, hateful beings. I have become a misanthrope. Older yet wiser.

[LittleGirl]

17. Wow, I had no idea

I'm allergic to eggs so I haven't bought any in decades. Wow.
This is the kind of government intervention we need! More please.

[no_hypocrisy]

18. I remember the price of eggs doubling in the 2000's.

You could buy a dozen eggs for 99 cents in 2000.

[Hotler]

19. What about damages to us consumers, where is our cut of the money????? nt

[twodogsbarking]

20. We don't get any money but maybe (stretch) this will help in the future.

You can't unscramble eggs.

[dalton99a]

21. Kick

[homegirl]

23. Assuming the plaintiffs will divide

the judgement amount, will they pass it on to their customers, we the final consumers?

[KPN]

24. Yeah, well all of this is peanuts when compared to the egg price gouging we all experienced

last year. Prices tripled and more amidst a so-called shortage. The gouging was so bad a common joke at the time was "Hens aren't laying."

That joke was a parody of a shortage that everyone believed was contrived. Some folks wonder why many people give up on government, give up on voting, believe their votes don't matter. I say some because I -- and I'm sure there are many others who -- don't wonder why. Stuff like this is why. Many of those folks who don't believe their vote counts, or believe that both parties are essentially the same, think that because they believe that other old joke about "we've got the best government money can buy". This lawsuit is a glimmer of light, but it doesn't likely go far in the way of building greater faith or belief in government on the part of non-voters. The suit served other large corporations who were affected, not the consumer; and the award was relatively meager. Government can and should do more.

Rant over.

[Elessar Zappa]

30. If non-voters

don’t understand the difference between a democratic administration and a Trump one, then they’re too stupid to vote. I won’t coddle idiots.

[Magoo48]

25. Seize all facilities related to the gouging and repurpose them as a co-op serving the surrounding area.

[SWBTATTReg]

27. We buy perhaps 2 dozen eggs a year, so no big deal to me here. But of course, think of all of the other

things that one buys besides eggs that include eggs during its manufacturing cycle. Probably more than we realize (or at least, me). Over 97.3 billion eggs are produced each year in this Country (China is the number one producer). This is 8 billion dozen eggs (I'm not 100 eggactly here), so the settlement of $53 million spread over 2004-2008 is tiny. But as we all know, guess what? Our prices will still jump up thru the roof, price-wise.

[Ispa77]

29. Good

There should be jail time because that’s stealing.