Office of Public Affairs | Justice Department Requires Egg Producers to End Coordinated Benchmark Manipulation that Artificially Inflated Prices Across the Country | United States Department of Justice
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Press Release
Justice Department Requires Egg Producers to End Coordinated Benchmark Manipulation that Artificially Inflated Prices Across the Country
Tuesday, June 30, 2026
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For Immediate Release
Office of Public Affairs
The Proposed Settlements Will Ensure Competitive Prices for Consumers by Stopping Coordination to Inflate Egg Prices
The Justice Department’s Antitrust Division, together with 17 State Attorneys General, filed a civil lawsuit against Cal-Maine Foods Inc. (Cal-Maine); Hickman’s Egg Ranch Inc. (Hickman’s); and Centrum Valley Holdings LLC, Versova Holdings LLC, and Versova Management Cooperative (Versova) for unlawful coordinated manipulation of egg prices. At the same time, the Department filed proposed settlements that will, if approved by the court, prevent these companies from engaging in such coordinated manipulation in the future.<br>“No product more quintessentially represents affordability than the price Americans pay for eggs,” said Associate Attorney General Stanley Woodward. “These actions prove this Department’s continued commitment to protecting competition and providing real relief for everyday Americans’ pocketbooks.”<br>“Food affordability is a top priority of the Antitrust Division,” said Former Acting Assistant Attorney General Omeed A. Assefi of the Justice Department’s Antitrust Division. “These settlements resolve years of conduct that dragged on Americans’ finances and their everyday lives. I thank and recognize the dedicated work of the Division’s talented staff and state partners.”<br>“The Antitrust Division is steadfast in our work to protect our nation’s citizens from illegal conduct that makes daily life less affordable,” said Deputy Assistant Attorney General Nicole Sarrine of the Justice Department’s Antitrust Division. “We are proud that these settlements will keep egg prices competitive and keep money in the hands of consumers across the country.”<br>Filed in the U.S. District Court for the Northern District of Iowa, the complaint alleges that Cal-Maine, Hickman’s, and Versova coordinated to artificially inflate the daily quotations of Urner Barry Publications, a market reporting company whose publications affect prices that grocery stores, restaurants, and others pay for eggs nationwide.<br>Defendants produce and sell eggs to grocery stores, restaurants, and other businesses that ultimately sell or provide eggs to American consumers. Defendants and other egg producers also bid to acquire eggs on spot markets, including the Egg Clearinghouse. Urner Barry considers this bidding information when it issues daily price quotations that influence wholesale egg prices. Every year, billions of eggs are sold with prices based on Urner Barry’s price quotations.<br>As the complaint alleges, Defendants conspired to inflate Urner Barry’s price quotations by agreeing to: (1) submit a large number of bids; (2) cause multiple Defendants to bid in order to signal to Urner Barry that a diverse set of market participants needed to buy eggs; (3) submit a large number of bids in the hours leading up to the publication of Urner Barry’s price quotations; (4) submit bids that were unlikely to lead to executed trades; and (5) execute trades at premium prices.<br>As the complaint also alleges, egg price quotations dropped significantly from their peak after Defendants learned of the Department’s investigation and were instructed to preserve documents in March 2025.<br>The proposed settlements result from the Department’s focus on anticompetitive practices that lead to higher food prices. If approved by the court, these settlements will prohibit Defendants from:<br>Communicating with competitors regarding bidding strategies and the prices, timing, and number of bids;<br>Communicating with competitors regarding certain information about bids,...