Egg prices weren't just high in recent years—they were artificially inflated, according to federal and state officials. The Justice Department and 17 state attorneys general say three major egg producers illegally worked together for nearly three years to push up a key industry price benchmark, and have now agreed to a $3.3 million settlement and to donate roughly 53 million eggs to food banks and similar groups, CNBC reports. At current average prices, those eggs would be worth close to $10 million at retail.
The case targeted Cal-Maine Foods, Versova, and Hickman's Egg Ranch, accused of secretly coordinating from mid-2022 to March 2025 to influence daily price quotes published by Urner Barry, a widely used standard in egg contracts. In one example cited by the New York state attorney general's office, Hickman's then-chief executive emailed Cal-Maine and Versova execs in December 2022, urging them to submit "strong bids, early and often," Quartz reports. Urner Barry later raised its quotes after the companies submitted dozens of bids.
The companies—while agreeing to settle and adopt antitrust compliance measures—deny wrongdoing and largely blame surging prices on avian flu, supply shocks, and inflation. The proposed deal, which still needs a federal judge's approval, bars them from future coordinated price moves and requires the appointment of compliance officers. Egg prices, which had become a symbol of post-pandemic inflation, fell "significantly" after the firms learned of the probe, the DOJ said. The states that were parties to the lawsuit include New York, Texas, Florida, and California.
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