McDonald's sues Big Four meatpackers for alleged beef price fixing [Seeking Alpha]
McDonald's Corporation (MCD)
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Source: Seeking Alpha
allegedly driving beef prices higher by limiting supplies from as early as 2015. "Defendants colluded to reduce supplies of beef in tandem, thereby raising and fixing beef prices at levels higher than prices that would have prevailed had the beef market been competitive," the fast-food chain alleged in its lawsuit filed on Friday. McDonald's ( MCD ) claimed the meatpackers colluded to underpay suppliers for fed cattle and reduce beef output over time, thereby increasing their margins and profits. "Only colluding meatpackers would expect to benefit by reducing their prices and purchases of slaughtered cattle because they would know that their conspiracy would shield them from the dynamics of a competitive marketplace," the lawsuit added. McDonald's ( MCD ) is seeking "three times the damages" it suffered as a result of the alleged price fixing and legal costs, as well as a court order to end the "conspiracy." The lawsuit is the latest accusation of meatpackers violating U.S.
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MCD
Earnings
- 10/29/24 - Beat
MCD
Sec Filings
- 11/26/24 - Form 4
- 11/25/24 - Form 144
- 11/7/24 - Form 10-Q
- MCD's page on the SEC website