Dean Foods announces $140 million settlement

July 14th, 2011 Leave a comment Go to comments

Local dairy farmers are waiting to see what will happen next following the announcement of a $140 million settlement between manufacturer Dean Foods and 7,200 milk producers in the Southeast.

Dean Foods, based in Dallas, and owner of a number of dairy brands across the country including Athens, Tenn.-based Mayfield Dairy Farms, is one of several entities in a class-action lawsuit, filed in 2007, charged with colluding to establish anti-competitive practices that have artificially suppressed farm milk prices in the Southeast over the recent decade.

Other defendants include organizations and two individuals involved in the purchase of milk from farmers, including farmer-owned dairy cooperative Dairy Farmers of America.

The settlement is pending approval in U.S. District Court in Greeneville, where the case is set to go to trial in August. The settlement would be broken down into payments, with an initial $60 million to be paid to class members upon “preliminary approval” by the court and four follow-up payments of $20 million per year.

Published July 14th, 2011 4:30 am

Categories: Business Articles Tags: 140 Million, 140 Million Settlement, Million Settlement, Settlement
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