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Notice2026-16112

United States et al. v. Cal-Maine Foods, Inc. et al.; Proposed Final Judgment and Competitive Impact Statement

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Published

August 7, 2026

Issuing agencies

Justice DepartmentAntitrust Division

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[Federal Register Volume 91, Number 151 (Friday, August 7, 2026)]
[Notices]
[Pages 51224-51245]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-16112]

[[Page 51223]]

Vol. 91

Friday,

No. 151

August 7, 2026

Part II

Department of Justice

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Antitrust Division

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United States et al. v. Cal-Maine Foods, Inc. et al.; Proposed Final
Judgment and Competitive Impact Statement; Notice

Federal Register / Vol. 91 , No. 151 / Friday, August 7, 2026 /
Notices

[[Page 51224]]

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DEPARTMENT OF JUSTICE

Antitrust Division

United States et al. v. Cal-Maine Foods, Inc. et al.; Proposed
Final Judgment and Competitive Impact Statement

Notice is hereby given pursuant to the Antitrust Procedures and
Penalties Act, 15 U.S.C. 16(b)-(h), that a proposed Final Judgment,
Stipulation, and Competitive Impact Statement have been filed with the
United States District Court for the Northern District of Iowa in
United States of America et al v. Cal-Maine Foods, Inc. et al, Civil
Action No. 5:26-cv-04060. On June 29, 2026, the United States, along
with the States of Arizona, California, Colorado, Connecticut, Florida,
Hawaii, Iowa, Maryland, Minnesota, New York, North Carolina, Ohio,
Pennsylvania, Texas, Utah, Vermont, and Wisconsin, filed a Complaint
alleging that Defendants Cal-Maine Foods, Inc. (``Cal-Maine''),
Hickman's Egg Ranch, Inc. (``Hickman's), and Versova Management
Cooperative, Versova Holdings, LLC, and Centrum Valley Holdings, LLC
(collectively, ``Versova'') violated Section 1 of the Sherman Act, 15
U.S.C. 1, by, among other things, coordinating to submit bids that were
designed to artificially inflate the daily price quotations of Urner
Barry Publications, Inc. (``Urner Barry''), a market reporting firm.
The proposed Final Judgments for each Defendant, filed at the same time
as the Complaint, seek to end this anticompetitive conduct and prevent
its recurrence by: imposing restrictions on competitor communications
regarding bidding strategies, bids, and the information reported to any
benchmark publication; restricting Defendants from entering into any
agreements with competitors regarding the price, number, or other terms
of bids and transactions; prohibiting Defendants from communicating
with competitors regarding bids that are intended to affect a benchmark
or that are not based on legitimate needs; and requiring Defendants to
adopt and comply with a series of compliance measures for a term of
five years.
Copies of the Complaint, proposed Final Judgment, and Competitive
Impact Statement are available for inspection on the Antitrust
Division's website at <a href="http://www.justice.gov/atr">http://www.justice.gov/atr</a> and at the Office of
the Clerk of the United States District Court for the Northern District
of Iowa. Copies of these materials may be obtained from the Antitrust
Division upon request and payment of the copying fee set by Department
of Justice regulations.
Public comment is invited within 60 days of the date of this
notice. Such comments, including the name of the submitter, and
responses thereto, will be posted on the Antitrust Division's website,
filed with the Court, and, under certain circumstances, published in
the Federal Register. Comments should be submitted in English and
directed to Zachary Trotter, Chief, Chicago Office, Antitrust Division,
Department of Justice, 209 South La Salle St, Suite 600, Chicago IL
60604 (email address: <a href="/cdn-cgi/l/email-protection#0f4e5b5d215f7a6d63666c224c6062626a617b7c225b7a61616a76224e6c7b22424d4f7a7c6b606521686079">[email&#160;protected]</a>).

Suzanne Morris,
Deputy Director Civil Enforcement Operations, Antitrust Division.

IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF IOWA
WESTERN DIVISION

United States of America, State of Arizona, State of California,
State of Colorado, State of Connecticut, State of Florida, State of
Hawaii, State of Iowa, State of Maryland, State of Minnesota, State
of New York, State of North Carolina, State of Ohio, Commonwealth of
Pennsylvania, State of Texas, State of Utah, State of Vermont, and
State of Wisconsin, Plaintiffs, v. Cal-Maine Foods, Inc., Centrum
Valley Holdings, LLC, Versova Holdings, LLC, Versova Management
Cooperative, and Hickman's Egg Ranch, Inc., Defendants.

Civil Action No. 5:26-cv-04060-LTS-MAR

Complaint

Plaintiffs United States of America and the States of Arizona,
California, Colorado, Connecticut, Florida, Hawaii, Iowa, Maryland,
Minnesota, New York, North Carolina, Ohio, Pennsylvania, Texas, Utah,
Vermont, and Wisconsin bring this civil antitrust action against
Defendants Cal-Maine Foods, Inc.; Centrum Valley Holdings, LLC, Versova
Holdings, LLC, and Versova Management Cooperative; and Hickman's Egg
Ranch, Inc. to obtain equitable relief to prevent and enjoin their
violation of Section 1 of the Sherman Act, 15 U.S.C. 1.

I. Nature of the Action

1. Between June 2022 and March 2025, Defendants agreed to submit
bids designed to artificially inflate the daily price quotations for
eggs published by Urner Barry Publications, Inc., a firm that reports
market pricing information for eggs. Since many of Defendants'
contracts with retailers incorporate prices based on Urner Barry's
price quotations, an increase in Urner Barry's price quotations leads
to higher prices for eggs sold to retailers (and thus higher prices for
eggs sold to consumers).
2. Defendants' agreement to manipulate the Urner Barry price
quotations violates Section 1 of the Sherman Act and should be
enjoined. Accordingly, Plaintiffs seek a decree requiring Defendants to
cease these activities and adopt related compliance requirements.

II. Defendants and Co-Conspirators

3. Defendant Cal-Maine Foods, Inc., is a publicly held Delaware
corporation with its principal place of business in Ridgeland,
Mississippi.
4. Defendant Centrum Valley Holdings, LLC is a Delaware company
with its principal place of business in Sioux Center, Iowa. Centrum
wholly or partially owns several farms whose day-to-day operations are
managed by Defendant Versova Management Cooperative, including Centrum
Valley Farms, Oakdell Farms, and Willamette Egg Farms.
5. Defendant Versova Holdings, LLC is a Delaware company with its
principal place of business in Sioux Center, Iowa. Versova Holdings
wholly or partially owns Trillium Farms, whose day-to-day operations
are managed by Defendant Versova Management Cooperative.
6. Defendant Versova Management Cooperative is a cooperative
association with its principal place of business in Sioux Center, Iowa.
7. This complaint refers to Centrum, Versova Holdings, and Versova
Management Cooperative collectively as ``Versova.''
8. Defendant Hickman's Egg Ranch, Inc. is an Arizona corporation
with its principal place of business in Buckeye, Arizona.
9. Co-Conspirator Cooperative A is a Delaware corporation with its
principal place of business in Aurora, Colorado. For most of the
relevant time period, Defendants, or farms that they managed, were
members of Cooperative A.

III. Egg Industry and Background

10. Eggs are produced by egg producers and sold to buyers including
grocery stores, retailers, restaurants, and food-service
distributors.\1\ Several of the largest egg companies, including at
least two Defendants, operated their egg business with a ``net short''
business model during the relevant period, meaning that they did not
produce sufficient eggs to satisfy their existing customer demand. To
meet the shortfall in their egg production, Defendants procured eggs
from egg producers (or

[[Page 51225]]

egg brokers) on electronic exchanges, such as the exchange operated by
Egg Clearinghouse, Inc., or through direct purchases from other egg
producers (or egg brokers). On ECI, egg companies can submit either
``bids'' to purchase eggs or ``offers'' to sell eggs. Executed
transactions are often referred to as ``trades.''
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\1\ The egg industry often uses the phrase ``shell eggs'' to
refer to whole eggs sold unbroken in their shells. Unless otherwise
stated, the term ``eggs'' in this Complaint refers to ``shell
eggs.''
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11. Urner Barry is a price reporting agency that analyzes,
aggregates, and anonymizes market information to publish daily price
quotations that are widely used in the egg industry. Urner Barry
publishes daily price quotations across regions (Midwest, Northeast,
Southeast, Northwest, California, South Central) and egg sizes (e.g.,
extra-large, large, medium), although its price quotations are highly
correlated across regions, meaning that a change that affects one
region often affects other regions. Urner Barry's price quotations are
based on, among other things, trades, bids, and offers on ECI in
addition to self-reported trades not on ECI. In determining its price
quotations, Urner Barry considers whether trades, bids, and offers are
at prices that are ``premium'' (prices that suggest Urner Barry's price
quotations are too low), ``discount'' (prices that suggest that Urner
Barry's current price quotations are too high), or ``supportive''
(prices that suggest that Urner Barry's current price quotations are
approximately correct). Accordingly, egg companies' bids, offers, and
trades for eggs on ECI affect Urner Barry's price quotations.
12. Egg producers, including Defendants, often sell eggs to
retailers including grocery stores and restaurants under contracts for
which the price of eggs is based on the daily price quotations
published by Urner Barry. Thus, Urner Barry's daily price quotations
are an inseparable part of the price that many retailers, including
grocery stores and restaurants, pay for eggs.

IV. Defendants' Unlawful Activities

13. Beginning in June 2022 and continuing through March 2025,
Defendants conspired to artificially inflate Urner Barry's price
quotations to increase the price of eggs sold nationwide. Defendants
effectuated their conspiracy by, among other things: (i) agreeing to
submit a large number of bids in order to influence Urner Barry's price
quotations; (ii) agreeing that multiple Defendants would submit bids so
that a diverse set of market participants were bidding; (iii) agreeing
to submit a large number of bids in the hours leading up to the
publication of Urner Barry's price quotations; (iv) agreeing to submit
bids that were unlikely to lead to executed trades in order to increase
Urner Barry's price quotations; and (v) agreeing to execute trades off
of ECI (but still reported to Urner Barry) at premium prices in order
to artificially inflate Urner Barry's price quotations. Defendants also
lobbied Urner Barry to increase its price quotations, including by
citing their bids and trades at premium prices as justifications for
Urner Barry to increase its price quotations. Representative examples
of Defendants' conduct to manipulate Urner Barry's price quotations are
discussed below.

A. Defendants Conspired to Artificially Inflate the Urner Barry Price
Quotations

(a) Hickman's and Cal-Maine Coordinate To ``Hold'' Market Prices
14. In October 2022, Hickman's and Cal-Maine coordinated to
``hold'' prices--meaning that they worked together to stop prices from
declining. On the morning of October 14, a Cal-Maine executive texted
Hickman's CEO stating, ``[w]e are bidding up. Let's hold it today.''
Later that day, Hickman's CEO called a now-former Cal-Maine executive
over the phone. By the end of the day, Hickman's and Cal-Maine's bids
on ECI accounted for over half of the bids submitted that day.
15. Urner Barry kept its price quotations for white, large, shell
eggs unchanged across all regions. One of the Cal-Maine executives then
texted Hickman's CEO, ``[n]o change,'' acknowledging that, as they had
intended, Urner Barry kept its price quotations the same.
(b) Defendants Coordinate To Bid ``Early and Often''
16. On December 19, 2022, Cal-Maine, Versova, and Hickman's held a
regularly scheduled weekly call in which they discussed Urner Barry's
price quotations. That same day, Hickman's CEO emailed Defendants,
``[n]eed to push the spread into the northwest. . . .'' A senior
Versova executive replied a few hours later, stating, ``[o]ur team will
be bidding for additional loads again tomorrow.'' Hickman's CEO then
responded, ``[i]f we all bid in our respective areas for the 3-5 loads
minimum we are short . . . the market reporters will have to address.''
Throughout the day, Hickman's CEO spoke on the phone with that Versova
executive, as well as a now-former executive from Cal-Maine.
17. On December 19, Urner Barry increased its price quotations for
white, large, shell eggs across all regions.
18. Hickman's CEO repeated his request early the following morning,
on December 20, emailing senior executives from Cal-Maine, Versova, and
others, stating, ``[p]lease consider posting strong bids, early and
often. The market reporters don't get in for another hour, so it will
be good for them to see diverse bidding upon logging on.'' (Urner Barry
is more likely to increase its price quotations if it observes higher
bids from a variety of market participants.) Hickman's CEO later
emailed again, stating, ``[h]urry[.] There are only 16 bids on ECI
right now and 15 of them are ours [Hickman's bids].'' Shortly after
that email, all three Defendants collectively submitted dozens of bids
on ECI, most of which were at premium prices. By contrast, all other
market participants combined submitted fewer than six bids that
morning. Following these emails, Hickman's CEO had several phone calls
with an executive from Versova and a now-former executive from Cal-
Maine.
19. On December 20, Urner Barry again increased its price
quotations for white, large, shell eggs across all regions.
(c) ``We Need To Bid Like They Vote in Chicago, Early and Often''
20. On December 21, Hickman's CEO again emailed his co-
conspirators--including senior executives from Cal-Maine and Versova
and the CEO of Cooperative A--noting that Urner Barry's market reporter
was ``trying to set the stage for [market prices] to retrace,'' meaning
that, according to Hickman's CEO, Urner Barry was planning to lower its
egg price quotations. Hickman's CEO reiterated that Defendants should
``bid openly for eggs, especially mediums and eggs into the
northwest.''
21. That morning, consistent with Hickman's CEO's request, Cal-
Maine, Versova, and Hickman's proceeded to collectively submit dozens
of bids. By contrast, all other market participants combined submitted
a small number of bids. On December 21, 2022, Urner Barry increased its
price quotations for white, large, shell eggs across all regions.
22. On December 21, Urner Barry's report noted that the volume of
bidding had declined from the previous day. This prompted the CEO of
Cooperative A to repeat Hickman's earlier concern that Urner Barry
might push for price declines, writing that Urner Barry was ``prepared
to pull the market down.'' He then joined Hickman's CEO in asking
Defendants to submit bids designed to influence Urner Barry, writing,
``[a]s a group we need to bid like they vote in Chicago, early and
often.'' Hickman's CEO called a now-former Cal-Maine

[[Page 51226]]

executive three times throughout the day. Hickman's CEO repeated the
CEO of Cooperative A's instruction the next morning, emailing senior
executives from Cal-Maine and Versova, the CEO of Cooperative A, and
others, with the subject ``bids,'' stating: ``[t]here is only a 2 cent
premium for NW [Northwest] large over SC [South Central] large'' eggs.
Hickman's CEO continued, ``[b]id early and often today.''
23. After receiving Hickman's CEO's directive to ``[b]id early and
often,'' on December 22, a senior Versova executive told another
Versova executive to ``light up the northwest bids please. .02 over.''
That executive agreed and then placed bids at a price that was two
cents greater than Urner Barry's price quotation for the Northwest.
Prospective sellers were required to call prior to accepting these
bids. Then, when one of the Versova executives noted that the ``NW bids
are getting hit''--meaning that a seller was offering to sell the eggs
to Versova to meet Versova's bid--the other Versova executive stated
that he should delete the bids, suggesting that Versova did not need
the eggs.
24. Consistent with Hickman's CEO's request that Defendants bid
``[e]arly and often,'' Cal-Maine, Versova, and Hickman's collectively
submitted dozens of bids on ECI on December 22. By contrast, all other
market participants combined submitted five bids on ECI.
25. On December 22, Urner Barry increased its price quotations for
white, large, shell eggs across all regions, including the Northwest
region.
26. Defendants recognized that their efforts were successful. For
example, after coordinating to place bids designed to affect Urner
Barry's price quotations for the Northwest region, Hickman's CEO sent
Defendants' executives an Urner Barry report stating that ``[e]gg
prices [were] hitting records,'' and added, ``great job in the
northwest today!''
(d) Defendants Execute Premium Trades So the Market Reporter Has Trades
To ``Hang Her Hat On''
27. On August 7, 2023, a Cal-Maine executive sent a text message to
a Versova executive, asking, ``[a]ny more eggs?'' and noting that Urner
Barry's market reporter ``needs premium trades to hang her hat on.''
The Cal-Maine executive then proposed to buy eggs at premium prices,
and the two proceeded to negotiate over the delivery date of the trade.
Cal-Maine and Versova executed three private trades (i.e., trades not
executed on ECI or a similar platform) at premium prices, and Cal-Maine
shared the purchase orders with Urner Barry.
28. After Urner Barry had kept its price quotations for white,
large, shell eggs unchanged across all regions except California since
May 26, it increased these quotations across all regions except
California each day between August 9 and August 11. On August 9, the
CEO of Cooperative A forwarded Urner Barry reports to Cal-Maine and
wrote, ``[f]inally!!!!,'' referring to Urner Barry's increases in its
price quotations.
(e) Defendants' Continued Coordination
29. In the afternoon on December 3, 2024, Hickman's CEO spoke to
executives from Cal-Maine and Versova over the phone. Early the next
morning, on December 4, Cal-Maine's former CEO sent Hickman's CEO a
text message stating, ``[l]et it rip.'' After that, Defendants
significantly changed their bidding behavior. Specifically, after
December 4, Defendants submitted more bids per day, and a greater
percentage of their bids were at premium prices and unfilled.
30. Defendants continued to lobby Urner Barry through the 2024
holiday season, asking for ever-higher price quotations and requesting
that Urner Barry place less emphasis on transactions by non-Defendants
that could have led to lower price quotations.
31. Price quotations dropped significantly from their February 2025
peak after Defendants learned of the Department of Justice
investigation and were instructed to preserve documents on March 5,
2025.
(f) Examples not Exhaustive
32. These examples are not exhaustive; Defendants discussed Urner
Barry and ECI bidding in a variety of other emails, texts, chats, and
phone calls during the relevant period.

V. Violation of Section 1 of the Sherman Act, 15 U.S.C. 1

33. Plaintiffs repeat and reallege paragraphs 1 through 32 of this
Complaint as if fully set forth herein.
34. As described above, from June 2022 through March 2025,
Defendants and their co-conspirators entered into and engaged in an
agreement and conspiracy that had the direct, substantial, and
foreseeable effect of artificially inflating Urner Barry's egg price
quotations. This unreasonably and unlawfully restrained trade and
commerce in violation of Section 1 of the Sherman Act, 15 U.S.C. 1.
35. Plaintiffs are entitled to injunctive relief against Defendants
to prevent and restrain these violations of Section 1 of the Sherman
Act, 15 U.S.C. 1.

VI. Jurisdiction and Venue

36. Plaintiff United States of America brings this action under
Section 4 of the Sherman Act, 15 U.S.C. 4, to obtain equitable relief
and other relief to prevent and restrain Defendants' violations of
Section 1 of the Sherman Act, 15 U.S.C Sec. 1. The States of Arizona,
California, Colorado, Connecticut, Florida, Hawaii, Iowa, Maryland,
Minnesota, New York, North Carolina, Ohio, Pennsylvania, Texas, Utah,
Vermont, and Wisconsin by and through their respective Attorneys
General, bring this action pursuant to Section 16 of the Clayton Act,
15 U.S.C. 26, to enjoin Defendants from violating Section 1 of the
Sherman Act, 15 U.S.C. 1.
37. This Court has subject-matter jurisdiction under Section 4 of
the Sherman Act, 15 U.S.C. 4, and under 28 U.S.C. 1331, 1337(a), and
1345.
38. This District is a proper venue under Section 5 of the Sherman
Act, 15 U.S.C. 5; Section 12 of the Clayton Act, 15 U.S.C. 22; and 28
U.S.C. 1391, because one or more Defendants transacts business or is
found within this District, a substantial portion of the conduct giving
rise to this claim occurred in this District, and a substantial portion
of the affected interstate commerce was transacted in this District.

VII. Request for Relief

39. To remedy these illegal acts, Plaintiffs respectfully request
that the Court:
a. Adjudge and decree that Defendants entered into and engaged in a
contract, combination, or conspiracy in restraint of trade and commerce
in violation of Section 1 of the Sherman Act, 15 U.S.C. 1;
b. Permanently enjoin Defendants from directly or indirectly
communicating or discussing certain information relating to bidding,
including competitors' bidding strategies and the prices, timing, and
number of bids that competitors could or should submit;
c. Permanently enjoin Defendants from directly or indirectly
agreeing with each other or any competitor regarding the prices,
timing, and number of bids;
d. Permanently enjoin Defendants from communicating with
competitors regarding the submission of bids or execution of
transactions that are intended to affect any benchmark publication or
are not based on legitimate business needs;
e. Require Defendants to take such internal measures as are
necessary to

[[Page 51227]]

ensure compliance with any injunction; and
f. Award to Plaintiffs their costs of this action and order all
relief that is just and proper.

Dated June 29, 2026.

Respectfully submitted,

For Plaintiff United States of America:

Stanley E. Woodward, Jr.,
Associate Attorney General.

Omeed A. Assefi,
Senior Counsel.

Nicole A. Sarrine,
Deputy Assistant Attorney General.

Miriam R. Vishio,
Acting Director of Civil Enforcement.

Jared T. Bond,
Acting Deputy Director of Civil Enforcement.

Mark H.M. Sosnowsky,
Acting Deputy Director of Litigation.

John R. Thornburgh II,
Assistant Section Chief, Chicago Office.

Leif Olson,
United States Attorney.

By:--------------------------------------------------------------------

Brandon J. Gray, Assistant United States Attorney, 111 7th Avenue
SE, Box 1, Cedar Rapids, IA 52401-2101, (319) 363-6333,
<a href="/cdn-cgi/l/email-protection#7a38081b141e1514543d081b03483a0f091e1510541d150c">[email&#160;protected]</a>.

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Jeffrey Vernon,
Senior Litigation Counsel.

Alvin H. Chu, Jenigh J. Garrett, Francis H. Schulze, Attorneys,
United States Department of Justice, Antitrust Division, 450 Fifth
Street NW, Washington, DC 20530, (202) 367-6424,
<a href="/cdn-cgi/l/email-protection#377d52515145524e1961524559585977424453585d19505841">[email&#160;protected]</a>.

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Nicholas D. Niemiec, Avi Grunfeld, Anthony E. Maneiro, Colin P.
Snider, Attorneys, United States Department of Justice Antitrust
Division, 209 South LaSalle Street, Suite 600, Chicago, IL 60604-
1204, (202) 765-6809, <a href="/cdn-cgi/l/email-protection#eba582888384878a98c5a5828e86828e88ab9e988f8481c58c849d">[email&#160;protected]</a>.

For Plaintiff State of New York:

Letitia James,
Attorney General.

Christopher D'Angelo,
Chief Deputy Attorney General, Economic Justice Division.

Elinor R. Hoffmann, (pro hac vice forthcoming),
Chief, Antitrust Bureau, <a href="/cdn-cgi/l/email-protection#ce8ba2a7a0a1bce086a1a8a8a3afa0a08eafa9e0a0b7e0a9a1b8">[email&#160;protected]</a>.

Amy McFarlane, (pro hac vice forthcoming),
Deputy Chief, Antitrust Bureau, <a href="/cdn-cgi/l/email-protection#0b4a66722546684d6a79676a656e4b6a6c256572256c647d">[email&#160;protected]</a>.

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Isabella Pitt, (pro hac vice forthcoming),
Assistant Attorney General, Antitrust Bureau,
<a href="/cdn-cgi/l/email-protection#733a001211161f1f125d231a07073312145d1d0a5d141c05">[email&#160;protected]</a>.

James Yoon, (pro hac vice forthcoming),
Assistant Attorney General, Antitrust Bureau, <a href="/cdn-cgi/l/email-protection#440e252921376a1d2b2b2a0425236a2a3d6a232b32">[email&#160;protected]</a>.

New York State Office of the Attorney General, 28 Liberty Street,
New York, NY 10005, (212) 416-8436.

Attorneys for Plaintiff State of New York

For Plaintiff State of Arizona:

Kristin K. Mayes,
Attorney General.

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Sarah M. Pelton (pro hac vice forthcoming),
Office of the Arizona Attorney General, Consumer Protection &
Advocacy Section, 2005 N Central Avenue, Phoenix, AZ 85004,
Telephone: (602) 542-3725, <a href="/cdn-cgi/l/email-protection#693a081b080147390c051d0607290813080e470e061f">[email&#160;protected]</a>.

Attorney for Plaintiff State of Arizona

For Plaintiff State of California:

Rob Bonta,
Attorney General,

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Michael Jorgenson (Pro Hac Vice Forthcoming),
Supervising Deputy Attorney General.

Paul Chander (Pro Hac Vice Forthcoming),

Matthew Delgado (Pro Hac Vice Forthcoming),
Deputy Attorneys General.

Paula Blizzard (Pro Hac Vice Forthcoming),
Senior Assistant Attorney General.

Office of the Attorney General, California Department of Justice,
300 S Spring St., Los Angeles, California 90013, Telephone: (213)
269-6000, <a href="/cdn-cgi/l/email-protection#2c5c4d5940024f444d4248495e6c484346024f4d024b435a">[email&#160;protected]</a>.

Attorneys for Plaintiff State of California

For Plaintiff State of Colorado:

Philip J. Weiser,
Attorney General.

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Elizabeth W. Hereford,
Assistant Attorney General, (pro hac vice forthcoming).

Bryn A. Williams,
First Assistant Attorney General, (pro hac vice forthcoming).

Colorado Department of Law, 1300 Broadway, 9th Floor, Denver, CO
80203, Telephone: (720) 508-6000, <a href="/cdn-cgi/l/email-protection#f0b59c998a9192958498deb8958295969f8294b0939f9197de979f86">[email&#160;protected]</a>,
<a href="/cdn-cgi/l/email-protection#aeecdcd7c080f9c7c2c2c7cfc3ddeecdc1cfc980c9c1d8">[email&#160;protected]</a>.

Attorneys for Plaintiff State of Colorado

For Plaintiff State of Connecticut:

William Tong,
Attorney General.

Nicole Demers,
Chief, Antitrust Section, Deputy Associate Attorney General.

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Rose Levine (pro hac vice forthcoming).

Amy Taylor (pro hac vice forthcoming).
Assistant Attorneys General. Connecticut Office of the Attorney
General, 165 Capitol Avenue, Hartford, CT 06106, Tel: (860) 808-
5030, Fax: (860) 808-5391, <a href="/cdn-cgi/l/email-protection#6e20070d01020b402a0b030b1c1d2e0d1a40090118">[email&#160;protected]</a>, <a href="/cdn-cgi/l/email-protection#abf9c4d8ce85e7ceddc2c5ceebc8df85ccc4dd">[email&#160;protected]</a>,
<a href="/cdn-cgi/l/email-protection#f5b4988cdba1948c999a87b59681db929a83">[email&#160;protected]</a>.

Attorneys for Plaintiff State of Connecticut

For Plaintiff State of Florida:

James Uthmeier,
Attorney General.

Jason Hilborn,
Deputy Attorney General for Civil Enforcement.

Lizabeth Brady,
Director, Antitrust Division.

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Colin G. Fraser (pro hac vice forthcoming).
Senior Assistant Attorney General, Antitrust Division,
<a href="/cdn-cgi/l/email-protection#e3808c8f8a8dcd859182908691a38e9a858f8c918a87828f8684828fcd808c8e">[email&#160;protected]</a>.

Steven J. Orban (pro hac vice forthcoming).
Assistant Attorney General, Antitrust Division,
<a href="/cdn-cgi/l/email-protection#c6b5b2a3b0a3a8e8a9b4a4a7a886abbfa0aaa9b4afa2a7aaa3a1a7aae8a5a9ab">[email&#160;protected]</a>, Florida Office of the Attorney
General, The Capitol, PL-01, Tallahassee, FL 32399-1050, (850) 414-
3300.

Attorneys for Plaintiff State of Florida

For Plaintiff State of Hawaii:

Anne E. Lopez,
Attorney General.

Christopher J.I. Leong (pro hac vice forthcoming).
Supervising Deputy Attorney General, Commerce and Economic
Development Division, <a href="/cdn-cgi/l/email-protection#ccafa4bea5bfb8a3bca4a9bee2a6a5e2a0a9a3a2ab8ca4adbbada5a5e2aba3ba">[email&#160;protected]</a>.

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Rodney I. Kimura (pro hac vice forthcoming).
Deputy Attorney General, <a href="/cdn-cgi/l/email-protection#2654494248435f084f084d4f4b535447664e4751474f4f08414950">[email&#160;protected]</a>, Department of
the Attorney General, 425 Queen Street, Honolulu, Hawaii. 96813,
(808) 586-1180.

Attorneys for Plaintiff State of Hawaii

For Plaintiff State of Iowa:

Brenna Bird,
Attorney General.

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Noah Goerlitz,
Assistant Attorney General, Office of the Iowa Attorney General,
1305 E Walnut St., Des Moines, IA 50319, Tel: (515) 725-1018,
<a href="/cdn-cgi/l/email-protection#f39d9c929bdd949c96819f9a8789b39294dd9a9c8492dd949c85">[email&#160;protected]</a>.

Attorney for Plaintiff State of Iowa

For Plaintiff State of Maryland:

Anthony G. Brown,
Attorney General.

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Schonette J. Walker (pro hac vice forthcoming).

Chief, Antitrust Division,<a href="/cdn-cgi/l/email-protection#eb989c8a87808e99ab848a8cc5868a9992878a858fc58c849d">[email&#160;protected]</a>.

Jonathan De Jong (pro hac vice forthcoming).

Assistant Attorney General, Antitrust Division,
<a href="/cdn-cgi/l/email-protection#274d43424d48494067484640094a46555e4b46494309404851">[email&#160;protected]</a>, Maryland Office of the Attorney General,
200 Saint Paul Place, 19th Floor, Baltimore, Maryland 21202, (410)
576-6470.

Attorneys for Plaintiff State of Maryland

For Plaintiff State of Minnesota:

Keith Ellison,
Attorney General.

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Jon M. Woodruff, (pro hac vice forthcoming),
Assistant Attorney General, <a href="/cdn-cgi/l/email-protection#d0babfbefea7bfbfb4a2a5b6b690b1b7fea3a4b1a4b5febdbefea5a3">[email&#160;protected]</a>, Office of
the Minnesota Attorney General, 445 Minnesota Street, Suite 600,
Saint Paul, MN 55101, (651) 300-7425.

Attorneys for Plaintiff State of Minnesota.

For Plaintiff State of North Carolina:

Jeff Jackson,
Attorney General.

Kunal J. Choksi,
Senior Deputy Attorney General.

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Charles G. White (pro hac vice forthcoming),

[[Page 51228]]

Assistant Attorney General, North Carolina Department of Justice,
P.O. Box 629, Raleigh, NC 27602, Tel: 919-716-6000, Facsimile: (919)
716-6050, Email: <a href="/cdn-cgi/l/email-protection#2d4e5a454459486d434e494247034a425b">[email&#160;protected]</a>.

Attorneys for Plaintiff State of North Carolina

For Plaintiff State of Ohio:

D. Andrew Wilson,
Attorney General.

Erik J. Clark,
Deputy Attorney General.

Beth A. Finnerty,
Section Chief, Antitrust Section.

Edward J. Olszewski,
Assistant Section Chief, Antitrust Section.

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Steven A. Oldham, (pro hac vice forthcoming),
Principal Assistant Attorney General, <a href="/cdn-cgi/l/email-protection#396a4d5c4f5c571776555d5158547976515056787e76175e564f">[email&#160;protected]</a>.

Thomas W. Allen, (pro hac vice forthcoming),
Assistant Attorney General, <a href="/cdn-cgi/l/email-protection#e1b5898e8c8092cfa08d8d848fa1ae89888ea0a6aecf868e97">[email&#160;protected]</a>, Office of the
Ohio Attorney General, Antitrust Section, 30 East Broad Street, 26th
Floor, Columbus, OH 43215, (614) 466-4328.

Attorneys for the Plaintiff State of Ohio.

For Plaintiff Commonwealth of Pennsylvania:

David W. Sunday, Jr.,
Attorney General.

Sean Kirkpatrick,
Executive Deputy Attorney General, Public Protection Division.

Tracy W. Wertz,
Chief Deputy Attorney General, Antitrust Section.

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Jennifer J. Kirk, (pro hac vice forthcoming).
Senior Deputy Attorney General, Antitrust Section,
<a href="/cdn-cgi/l/email-protection#1c7677756e775c7d6868736e7279657b7972796e7d70327b736a">[email&#160;protected]</a>, (717) 497-5304, Commonwealth of
Pennsylvania Office of Attorney General, 14th Floor, Strawberry
Square, Harrisburg, PA 17120.

Attorneys for Plaintiff Commonwealth of Pennsylvania.

For Plaintiff State of Texas:

Ken Paxton,
Attorney General.

Brent Webster,
First Assistant Attorney General.

Ralph Molina,
Deputy First Assistant Attorney General.

Austin Kinghorn,
Deputy Attorney General for Civil Litigation.

Thomas D. York,
Chief, Antitrust Division.

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Cole Pritchett,
Assistant Attorney General, (pro hac vice forthcoming),
<a href="/cdn-cgi/l/email-protection#30535f5c551e404259445358554444705f51571e44554851431e575f46">[email&#160;protected]</a>, Office of the Attorney General,
Antitrust Division, P.O. Box 12548, Capitol Station, Austin, Texas
78711-2548, Telephone: (512) 475-4196.

Attorneys for Plaintiff State of Texas.

For Plaintiff State of Utah:

Derek Brown,
Attorney General.

Douglas Crapo,
Deputy Attorney General, Public Protection Department.

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Marie W.L. Martin, (pro hac vice forthcoming),
Division Director, Antitrust & Data Privacy Division,
<a href="/cdn-cgi/l/email-protection#f69b819b9784829f98b697918382979ed8919980">[email&#160;protected]</a>, Utah Office of the Attorney General, 160 E 300
S, 5th Floor, Salt Lake City, UT 84114-0830, (801) 366-0260.

Attorneys for Plaintiff State of Utah.
For Plaintiff State of Vermont:

Charity R. Clark,
Attorney General.

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Alexandra Spring,
Assistant Attorney General, (Pro hac vice forthcoming).
109 State Street, Montpelier, VT 05609,
<a href="/cdn-cgi/l/email-protection#c283aea7baa3aca6b0a3ec91b2b0abaca582b4a7b0afadacb6eca5adb4">[email&#160;protected]</a>, (802) 828-5529.

Attorneys for Plaintiff State of Vermont.

For Plaintiff State of Wisconsin:

Joshua Kaul,
Attorney General.

Caitlin Madden, (pro hac vice forthcoming).
Assistant Attorney General, <a href="/cdn-cgi/l/email-protection#7f1c1e160b13161151121e1b1b1a113f08160c1b101551181009">[email&#160;protected]</a>, Wisconsin
Department of Justice, Post Office Box 7857, Madison, WI 53707-7857,
(608) 267-1311.

Attorney for Plaintiff State of Wisconsin.

United States District Court for the Northern District of Iowa Western
Division

Civil Action No. 5:26-cv-04060-LTS-MAR

Proposed Final Judgment

Whereas, Plaintiffs, the United States of America and the States of
Arizona, California, Colorado, Connecticut, Florida, Hawaii, Iowa,
Maryland, Minnesota, New York, North Carolina, Ohio, Pennsylvania,
Texas, Utah, Vermont, and Wisconsin, filed their Complaint on June 29,
2026;
And whereas, Plaintiffs and Defendant, Cal-Maine Foods, Inc.
(``Cal-Maine'') have consented to entry of this Final Judgment without
the taking of testimony, without trial or adjudication of any issue of
fact or law, and without this Final Judgment constituting any evidence
against or admission by any party relating to any issue of fact or law;
And whereas, Cal-Maine agrees to be bound by certain obligations
and to undertake certain actions to remedy the loss of competition
alleged in the Complaint;
And whereas, Cal-Maine represents that the relief required by this
Final Judgment can and will be made and that Cal-Maine will not later
raise a claim of hardship or difficulty as grounds for asking the court
to modify any provision of this Final Judgment;
Now, therefore, it is ordered, adjudged, and decreed:

I. Jurisdiction and Venue

The Court has jurisdiction over the subject matter of this action
and over the parties to it. Venue for this action is proper in the
United States District Court for the Northern District of Iowa. The
Complaint states a claim upon which relief may be granted against Cal-
Maine under Section 1 of the Sherman Act (15 U.S.C. 1).

II. Definitions

As used in this Final Judgment:
A. ``Cal-Maine'' means Cal-Maine Foods, Inc., a Delaware
corporation with headquarters in Ridgeland, Mississippi, its successors
and assigns, and its subsidiaries, divisions, groups, and affiliates,
and their directors, officers, managers, agents, and employees. ``Cal-
Maine'' does not include Persons who are affiliated with Cal-Maine only
because they are also members or owners of a Cal-Maine Commercial
Association. For purposes of this definition, ``groups'' refers to
internal business units of Cal-Maine Foods, Inc., and its successors
and subsidiaries, regardless of how those business units are formally
organized.
B. ``Benchmark Publication'' means any and all publications
containing any price quotations, benchmarks, indices, or market updates
for Eggs, including the daily quotations and undertone reports (e.g.,
the ``mid-morning tone'' and ``egg situation'' publications) published
by Urner Barry (and also including the ``COMTELL'' market intelligence
platform published by Urner Barry), the USDA Agricultural Marketing
Service Egg Market News Reports, and any successor publications.
C. ``Bid,'' ``Bids,'' or ``Bidding'' mean any offer to purchase
Eggs, including any offer to purchase (1) Eggs on trading platforms or
exchanges (including the exchange operated by ECI), or (2) through any
other means of acquiring Eggs (including acquiring Eggs from brokers or
through direct negotiations with producers of Eggs). ``Bid,'' ``Bids,''
and ``Bidding'' includes both executed and unexecuted offers as well as
a single offer and multiple offers. For the avoidance of doubt, offers
solely to sell

[[Page 51229]]

Eggs are not ``Bids,'' a ``Bid,'' or ``Bidding.''
D. ``Cal-Maine Commercial Association'' means any Commercial
Association that Cal-Maine owns (in whole or in part) or is a member
of.
E. ``Cal-Maine Commercial Association Meeting'' means any regularly
scheduled in-person, telephonic, or video-based meetings held by a Cal-
Maine Commercial Association or one of its committees or working
groups, including supply and demand and marketing meetings.
F. ``Commercial Associations'' means any cooperatives, joint
ventures, or other associations involved in the production, processing,
preparing for market, handling, marketing, or sale of Eggs.
G. ``Competitor'' means any Person, other than Cal-Maine, who
produces or processes Eggs, or markets or sells Eggs to wholesalers,
grocery stores, restaurants, or food-service distributors, including
any such Person other than Cal-Maine who is a member or owner of any
Cal-Maine Commercial Association, and any Commercial Association that
is not a Cal-Maine Commercial Association. ``Competitor'' does not
include any Cal-Maine Commercial Association.
H. ``Deleted Bid'' means a Bid submitted on ECI that the bidder
withdraws or deletes prior to the time it would normally expire under
ECI's trading rules.
I. ``Document'' means all written, printed, or electronically
stored information, and any deleted but recoverable electronic files or
any electronic file fragments of any kind in the possession, custody,
or control of Cal-Maine, including information stored on social media
accounts like X (formerly, Twitter) or Facebook, chats, instant
messages, text messages, ephemeral or non-ephemeral messaging, and
other methods of group and individual communication (e.g., Microsoft
Teams, Slack), as well as documents contained in collaborative work
environments and other document databases (e.g., Microsoft SharePoint
sites, eRooms, document management systems such as iManage, intranets,
web content management systems such as Drupal, wikis, and blogs).
``Document'' includes metadata, formulas, and other embedded, hidden,
and bibliographic or historical data describing or relating to any
document.
J. ``ECI'' means Egg Clearinghouse, Inc. and the Egg spot market
transaction platform that it operates.
K. ``Eggs'' means whole shell eggs which are sold unbroken in their
shell.
L. ``Including'' means including, but not limited to.
M. ``Legitimate Business Needs'' means the need of a producer of
Eggs or a Commercial Association to acquire Eggs to meet current or
anticipated demand. A Bid or Transaction is not based on Legitimate
Business Needs when, at the time of a Bid or Transaction:
1. the producer or Commercial Association does not need to acquire
the Eggs to meet current or anticipated demand,
2. any employee, manager, or director of the producer or Commercial
Association, or any agent acting at the direction of the producer or
Commercial Association, submits Bids or executes Transactions knowing
that the prices are higher than necessary to acquire Eggs,
3. any employee, manager, or director of the producer or Commercial
Association, or any agent acting at the direction of the producer or
Commercial Association, submits Bids, or executes Transactions, knowing
that the Bids or Transactions are for a greater number of Eggs than
necessary to meet current or anticipated demand, or
4. any employee, manager, or director of the producer or Commercial
Association, or any agent acting at the direction of the producer or
Commercial Association, submits Bids without an intent to transact on
the prices and terms offered (except that a mistakenly or inadvertently
submitted Bid or price does not count as a Bid submitted without an
intent to transact).
Whether a Bid is based on Legitimate Business Needs is evaluated at
the time the Bid is submitted, and knowledge acquired after submission
of a Bid will not change whether a Bid was based on Legitimate Business
Needs at the time of submission. A Transaction that is executed as a
result of a Bid that is based on Legitimate Business Needs will be
considered a Transaction based on a Legitimate Business Need regardless
of any changes in market conditions between the time the Bid is
submitted and the execution of the Transaction. As used herein,
``knowing'' or ``knowledge'' means the actual knowledge of the
employee, manager, director, or agent. Knowledge acquired after a
Transaction will not change whether a Transaction was based on
Legitimate Business Needs at the time of the Transaction. In addition,
paying or offering to pay a higher price in order to acquire Eggs on a
particular delivery timeline; to acquire Eggs of a particular type,
size, or quantity; or to increase the certainty of delivery will not,
without more, mean that a Bid or Transaction is not based on a
Legitimate Business Need.
N. ``Person'' means any natural person, corporate entity,
partnership, association, joint venture, proprietorship, agency, board,
authority, commission, office, trust, or other business or legal
entity.
O. ``Plaintiff States'' means the States of Arizona, California,
Colorado, Connecticut, Florida, Hawaii, Iowa, Maryland, Minnesota, New
York, North Carolina, Ohio, Pennsylvania, Texas, Utah, Vermont, and
Wisconsin.
P. ``Senior Management'' means Cal-Maine employees, agents,
managers, officers, and directors, wherever located, who (1) are
involved in or manage Bidding or the execution of Transactions, or (2)
participate in, or supervise the individuals who participate in, Cal-
Maine Commercial Associations.
Q. ``Transaction'' means any transaction to buy Eggs.
R. ``Urner Barry'' means Urner Barry Publications, Inc., a New
Jersey corporation with a principal place of business in Toms River,
New Jersey, Expana, and their present and former parent companies,
Mintec Ltd. and AgriBriefing.

III. Applicability

This Final Judgment applies to Cal-Maine and all other Persons in
active concert or participation with Cal-Maine who receive actual
notice of this Final Judgment.

IV. Prohibited Competitor Communications and Agreements

A. Cal-Maine must not, directly or indirectly, communicate,
discuss, or negotiate with any Competitor regarding:
1. the specific Bidding strategies of Cal-Maine or any Competitor;
2. the prices of any Bids that Cal-Maine or any Competitor has
made, will make, could make, or should make;
3. the timing of any specific Bids that Cal-Maine or any Competitor
has made, will make, could make, or should make;
4. the number of Bids that Cal-Maine or any Competitor has
submitted, will submit, could submit, or should submit; or
5. the information about Bids or Transactions, including the
information immediately above in this Paragraph IV(A)(1)-(4), and any
non-public information about Egg prices or Egg supply and demand, that
Cal-Maine, any Competitor, or any Cal-Maine Commercial Association
plans to report or communicate, should report or communicate, could
report or communicate, has reported or

[[Page 51230]]

communicated, or is considering reporting or communicating to any
Benchmark Publication.
Nothing in this Paragraph IV.A prohibits Cal-Maine from (a)
communicating with a Competitor (and, if necessary, a broker or brokers
acting as an intermediary) to buy or sell Eggs, including regarding the
price, number, or terms, if Cal-Maine is only discussing the price,
number, or terms under which it will buy Eggs from or sell Eggs to that
Competitor, solely with the Competitor with whom Cal-Maine is
negotiating to buy or sell Eggs (and, if applicable, the broker or
brokers), (b) communicating with a Competitor (and, if necessary, a
broker or brokers acting as an intermediary) regarding the price,
number, or terms of an agreement to co-pack Eggs if that co-pack
agreement is solely between Cal-Maine and that Competitor (and, if
applicable, the broker or brokers), (c) making general statements in an
earnings call or public filing about Cal-Maine's past Bids or Bidding
strategies, as long as those statements do not include current or
forward-looking information about the prices, timing, or number of
Bids, or Bidding strategies, or (d) communicating with any Benchmark
Publications about Cal-Maine's Bids and Transactions. For the avoidance
of doubt, Cal-Maine's mere receipt of a Person's communication to Cal-
Maine of the information described in Paragraph IV.A, if not requested
by Cal-Maine, does not constitute a violation of this Paragraph.
B. Cal-Maine must not, directly or indirectly, agree with any
Competitor or Cal-Maine Commercial Association:
1. on the number, pricing, or other terms of Bids submitted by Cal-
Maine or any Competitor; or
2. on the number, pricing, or other terms of Transactions executed
between Cal-Maine and any third party or any Competitor and any third
party.
C. Nothing in this Section IV prohibits
1. Cal-Maine from communicating, discussing, negotiating, or
agreeing with a Competitor (or, if applicable, a Cal-Maine Commercial
Association) to buy Eggs from or sell Eggs to that Competitor (or, if
applicable, a Cal-Maine Commercial Association) if that acquisition or
sale is solely between Cal-Maine and that Competitor (and past Bids,
Transactions, or sales of Eggs may be referenced, communicated, or
discussed in the negotiation of such an acquisition or sale, solely
with the Competitor or Cal-Maine Commercial Association with whom Cal-
Maine is negotiating to buy or sell Eggs);
2. Cal-Maine from agreeing with a Person that is not a Competitor
or Cal-Maine Commercial Association to buy Eggs from, or sell Eggs to,
a Competitor, if those acquisitions or sales are based on Legitimate
Business Needs;
3. Cal-Maine from communicating, discussing, negotiating, or
agreeing with any Cal-Maine Commercial Association, its members, or any
Person acting on that Cal-Maine Commercial Association's behalf about
the Bids of that Cal-Maine Commercial Association--or, if Cal-Maine is
submitting a Bid of the Cal-Maine Commercial Association,
communicating, discussing, negotiating, or agreeing with that Cal-Maine
Commercial Association or its members or owners about the Bids of that
Cal-Maine Commercial Association--as long as Cal-Maine does not,
directly or indirectly, communicate, discuss, negotiate, or agree with
any Competitors that are members or owners of that Cal-Maine Commercial
Association about the current or future Bids or Transactions of Cal-
Maine or any of the Competitors;
4. Cal-Maine from communicating, discussing, negotiating, or
agreeing with a Person who purchases substantially more Eggs than that
Person produces about Bids or Transactions by Cal-Maine to acquire Eggs
for the benefit of that Person even if that Person otherwise meets the
definition of ``Competitor''; or
5. conduct other than as enumerated in this Section IV.

V. Other Prohibited Conduct

A. On a bi-annual (i.e., twice a year) basis beginning with Cal-
Maine's second full financial quarter following entry of the
Stipulation and Order and for a period of five (5) years, Cal-Maine
must submit to the United States and the Plaintiff States, no later
than thirty (30) days after the close of the quarter:
1. a certification made under penalty of perjury from Cal-Maine's
General Counsel that upon information and belief, based on a reasonably
diligent inquiry, Cal-Maine did not communicate with any Competitor or
Cal-Maine Commercial Association regarding any Bids or Transactions
that Cal-Maine knows are not based on Legitimate Business Needs; and
2. a written explanation made under penalty of perjury for each
Deleted Bid (except for Bids deleted because Cal-Maine acquired the
necessary Eggs through other Transactions). For each Cal-Maine Deleted
Bid, this written explanation must include the date and time of the
Bid, any unique identifier applicable to the Bid, the dollar value of
the Bid, when the Bid was deleted, and an explanation of the reasons
why Cal-Maine deleted the Bid.
B. Cal-Maine must not communicate with any Competitor or Cal-Maine
Commercial Association regarding:
1. Bids or Transactions that Cal-Maine knows are not based on
Legitimate Business Needs or
2. Bids or Transactions that Cal-Maine knows are intended to affect
any Benchmark Publication.
However, the mere receipt by Cal-Maine of a Competitor or Cal-Maine
Commercial Association's communication regarding Bids or Transactions
that are intended to affect a Benchmark Publication or Bids or
Transactions that are not based on Legitimate Business Needs, if not
requested by Cal-Maine, does not constitute a violation of this
Paragraph V.B.
C. Cal-Maine must not encourage, induce, influence, solicit,
advise, agree with, or assist any Competitor or Cal-Maine Commercial
Association to:
1. submit Bids, or execute Transactions, that are intended to
affect any Benchmark Publication; or
2. submit Bids, or execute Transactions, that are not based on the
Legitimate Business Needs of Cal-Maine, the Competitor, or the Cal-
Maine Commercial Association.
D. For purposes of this Section V, a Bid or Transaction is
``intended to affect any Benchmark Publication'' when at least one goal
or purpose, known to Cal-Maine, is to affect any Benchmark Publication.
For the avoidance of doubt, mere knowledge, foreseeability, or
understanding that a Bid or Transaction could, would, or might affect a
Benchmark publication does not make a Bid or Transaction ``intended to
affect any Benchmark Publication.''
E. Nothing in this Section V prohibits conduct other than as
enumerated in this Section V.

VI. Compliance and Reporting Obligations

A. Within sixty (60) days of entry of the Stipulation and Order,
Cal-Maine must submit a written antitrust compliance policy to the
United States and the Plaintiff States for approval by the United
States in its sole discretion that complies with the obligations set
forth in this Final Judgment. Cal-Maine must annually train all Senior
Management on this written policy.
B. Within sixty (60) days of entry of the Stipulation and Order,
Cal-Maine must designate an antitrust compliance officer. Cal-Maine
must identify to the United States and the Plaintiff States the
antitrust compliance officer's name, business address, telephone
number, and email address. Within sixty (60) days of a vacancy in Cal-
Maine's

[[Page 51231]]

antitrust compliance officer position, Cal-Maine must appoint a
replacement and must identify to the United States and the Plaintiff
States the replacement's name, business address, telephone number, and
email address. Cal-Maine's initial and replacement appointments of an
antitrust compliance officer are subject to the approval of the United
States in its sole discretion. Cal-Maine is responsible for all costs
and expenses related to the antitrust compliance officer. The antitrust
compliance officer will be responsible for:
1. auditing on a bi-annual basis (i.e., twice per year) compliance
with Sections IV and V;
2. attending and monitoring (including through virtual, other
electronic, or telephonic means) either personally or through reports
from outside antitrust counsel any Cal-Maine Commercial Association
Meeting in which the supply and demand or marketing of Eggs (including
Bidding) is reasonably anticipated to be discussed;
3. implementing and enforcing Cal-Maine's antitrust compliance
policy and annual training required by Paragraph VI.A; and
4. reporting any communication regarding Cal-Maine Commercial
Association Meetings pursuant to Paragraph VI.D.
C. On an annual basis beginning with Cal-Maine's second full
financial quarter following entry of the Stipulation and Order, Cal-
Maine must:
1. submit to the United States and the Plaintiff States a
certification from Cal-Maine's General Counsel attesting under penalty
of perjury that (i) Cal-Maine has established and maintained the
antitrust compliance policy and annual training required by Paragraph
VI.A; and (ii) Cal-Maine has complied with the requirements in Sections
IV and V; and
2. submit to the United States and the Plaintiff States a
certification from the antitrust compliance officer attesting under
penalty of perjury that (i) Cal-Maine has taken reasonable steps to
comply with Sections IV and V; (ii) the antitrust compliance officer
has attended or monitored through reports from outside antitrust
counsel all Cal-Maine Commercial Association Meetings attended by Cal-
Maine in which the supply and demand or marketing of Eggs (including
Bidding) is reasonably anticipated to be discussed; (iii) the antitrust
compliance officer has reported all known communications pursuant to
Paragraph VI.D; and (iv) the antitrust compliance officer has performed
bi-annual audits to ensure compliance with Sections IV and V.
D. Upon learning that Cal-Maine has engaged in communications or
other conduct during a Cal-Maine Commercial Association Meeting
prohibited by Section IV or Section V, the antitrust compliance officer
designated pursuant to Paragraph VI.B must provide to the United States
and the Plaintiff States the following information within thirty (30)
days:
1. the date, time, location, and a description of the
communications or conduct, as well as the participants in the
communications or conduct; and
2. all Documents relating to the communications or conduct,
including any agenda and meeting minutes.
No report pursuant to this Paragraph VI.D shall be construed as a
per se admission of wrongdoing or violation of this Final Judgment by
Cal-Maine. Notwithstanding the foregoing, the reporting obligation in
this Paragraph VI.D does not extend to privileged communications.
E. If Cal-Maine joins any Commercial Association between the date
the Proposed Final Judgment is entered and the termination of the Final
Judgment, Cal-Maine must submit to the United States and the Plaintiff
States a detailed written description of the Commercial Association
within thirty (30) calendar days after signing bylaws, a membership
agreement, or a comparable Document, including a list of the members of
that Commercial Association (as well as the name, business address,
phone number, and email address for those members), the purpose and
business of that Commercial Association, and copies of any governing
agreements of the Commercial Association (including bylaws and
membership agreements).
F. Cal-Maine must provide a written copy of this Final Judgment to
any current Cal-Maine Commercial Association, with a request that the
Final Judgment be sent to all members of the Cal-Maine Commercial
Association, within thirty (30) days from the entry of this Final
Judgment. Cal-Maine must provide a written copy of this Final Judgment
to any Commercial Association that Cal-Maine joins between the date the
Proposed Final Judgment is entered and the termination of the Final
Judgment, with a request that the Final Judgment be sent to all members
of the Cal-Maine Commercial Association, within thirty (30) days after
joining any such Commercial Association.

VII. Compliance Inspection

A. For the purposes of determining or securing compliance with this
Final Judgment or related orders such as the Stipulation and Order or
determining whether this Final Judgment should be modified or vacated,
upon written request of an authorized representative of the Assistant
Attorney General for the Antitrust Division or Plaintiff States and
reasonable notice to Cal-Maine, Cal-Maine must permit, from time to
time and subject to legally recognized privileges, authorized
representatives, including agents retained by the United States or
Plaintiff States:
1. to have access during Cal-Maine's business hours to inspect and
copy, or at the option of the United States or Plaintiff States, to
require Cal-Maine to provide electronic copies of all books, ledgers,
accounts, records, data, and Documents wherever located, in the
possession, custody, or control of Cal-Maine relating to any matters
contained in this Final Judgment; and
2. to interview, either informally or on the record, Cal-Maine's
officers, employees, or agents, wherever located, who may have their
individual counsel present, relating to any matters contained in this
Final Judgment. The interviews must be subject to the reasonable
convenience of the interviewee and without restraint or interference by
Cal-Maine.
B. Upon the written request of an authorized representative of the
Assistant Attorney General for the Antitrust Division or Plaintiff
States, Cal-Maine must submit written reports or respond to written
interrogatories, under oath if requested, relating to any matters
contained in this Final Judgment.

VIII. Release

Cal-Maine is hereby fully and finally discharged and released from
the claims stated in the Complaint against Cal-Maine.

IX. Public Disclosure

[[Page 51232]]

including the provision on confidential commercial information, at 28
CFR 16.7, or the state disclosure laws as applicable. Cal-Maine, when
submitting information to the Antitrust Division, should designate the
confidential commercial information portions of all applicable
Documents and information under 28 CFR 16.7. Designations of
confidentiality expire ten (10) years after submission, ``unless the
submitter requests and provides justification for a longer designation
period.'' See 28 CFR 16.7(b).
C. If at the time that Cal-Maine furnishes information or Documents
to the United States or the Plaintiff States pursuant to any provision
of this Final Judgment, Cal-Maine represents and identifies in writing
information or Documents for which a claim of protection may be
asserted under Rule 26(c)(1)(G) of the Federal Rules of Civil
Procedure, and Cal-Maine marks each pertinent page of such material
``Subject to claim of protection under Rule 26(c)(1)(G) of the Federal
Rules of Civil Procedure,'' the United States or the Plaintiff States
must give Cal-Maine ten (10) calendar days' notice before divulging the
material in any legal proceeding (other than a grand jury proceeding),
unless subject to a court order requiring disclosure within fewer than
ten (10) calendar days, in which case the United States or the
Plaintiff States will provide notice as quickly as practicable.

X. Retention of Jurisdiction

The Court retains jurisdiction to enable any party to this Final
Judgment to apply to the Court at any time for further orders and
directions as may be necessary or appropriate to carry out or construe
this Final Judgment, to modify any of its provisions, to enforce
compliance, and to punish violations of its provisions.

XI. Enforcement of Final Judgment

A. The United States, or any Plaintiff State with respect to
actions by Defendant impacting Egg sales in its State, retains and
reserves all rights to enforce the provisions of this Final Judgment,
including the right to seek an order of contempt from the Court. In a
civil contempt action, a motion to show cause, or a similar action
brought by the United States or an affected Plaintiff State relating to
an alleged violation of this Final Judgment, the United States or the
affected Plaintiff State may establish a violation of this Final
Judgment and the appropriateness of a remedy therefor by a
preponderance of the evidence, and Cal-Maine waives any argument that a
different standard of proof should apply.
B. Cal-Maine may be held in contempt of, and the Court may enforce,
any provision of this Final Judgment that, as interpreted by the Court
applying ordinary tools of interpretation, is stated specifically and
in reasonable detail, whether or not it is clear and unambiguous on its
face. In any such interpretation, the terms of this Final Judgment
should not be construed against either party as the drafter.
C. In an enforcement proceeding in which the Court finds that Cal-
Maine has violated this Final Judgment, the United States may apply to
the Court for an extension of this Final Judgment, together with other
relief that may be appropriate. In connection with a successful effort
by the United States or any affected Plaintiff State to enforce this
Final Judgment against Cal-Maine, whether litigated or resolved before
litigation, Cal-Maine must reimburse the United States or any affected
Plaintiff State for the fees and expenses of its attorneys, as well as
all other costs including experts' fees, incurred in connection with
that effort to enforce this Final Judgment, including in the
investigation of the potential violation.
D. For a period of four (4) years following the expiration of this
Final Judgment, if the United States has evidence that Cal-Maine
violated this Final Judgment before it expired, the United States may
file an action against Cal-Maine in this Court requesting that the
Court order: (1) Cal-Maine to comply with the terms of this Final
Judgment for an additional term of at least four (4) years following
the filing of the enforcement action; (2) all appropriate contempt
remedies; (3) additional relief needed to ensure Cal-Maine complies
with the terms of this Final Judgment; and (4) fees or expenses as
called for by this Section XI.

XII. Expiration of Final Judgment

Unless the Court grants an extension, this Final Judgment will
expire five (5) years from the date of its entry, except that after
four (4) years from the date of its entry, this Final Judgment may be
terminated upon motion by the United States to the Court and notice by
the United States to Plaintiff States and Cal-Maine that continuation
of this Final Judgment is no longer necessary or in the public
interest. All requirements, including all notice, certification, and
reporting requirements, will terminate automatically upon the
expiration of this Final Judgment.

XIII. Reservation of Rights

This Final Judgment terminates only the claims stated in the
Complaint against Cal-Maine and does not affect any other charges or
claims the United States or Plaintiff States may file.

XIV. Public Interest Determination

Entry of this Final Judgment is in the public interest. The parties
have complied with the requirements of the Antitrust Procedures and
Penalties Act, 15 U.S.C. 16, including by making available to the
public copies of this Final Judgment and the Competitive Impact
Statement, public comments thereon, and any response to comments by the
United States. Based upon the record before the Court, which includes
the Competitive Impact Statement and, if applicable, any comments and
response to comments filed with the Court, entry of this Final Judgment
is in the public interest.

United States District Court for the Northern District of Iowa Western
Division

Proposed Final Judgment

Whereas, Plaintiffs, the United States of America and the States of
Arizona, California, Colorado, Connecticut, Florida, Hawaii, Iowa,
Maryland, Minnesota, New York, North Carolina, Ohio, Pennsylvania,
Texas, Utah, Vermont, and Wisconsin, filed their Complaint on June 29,
2026;
And whereas, Plaintiffs and Defendants, Versova Management
Cooperative, Centrum Valley Holdings, LLC, and Versova Holdings, LLC
(collectively, ``Versova Defendants'') have consented to entry of this
Final Judgment without the taking of testimony, without trial or
adjudication of any issue of fact or law, and without this Final
Judgment constituting any evidence against or admission by any party
relating to any issue of fact or law;
And whereas, Versova Defendants agree to be bound by certain
obligations and to undertake certain actions to remedy the loss of
competition alleged in the Complaint;

[[Page 51233]]

And whereas, Versova Defendants represent that the relief required
by this Final Judgment can and will be made and that Versova Defendants
will not later raise a claim of hardship or difficulty as grounds for
asking the court to modify any provision of this Final Judgment;
Now, therefore, it is ordered, adjudged, and decreed:

I. Jurisdiction and Venue

The Court has jurisdiction over the subject matter of this action
and over the parties to it. Venue for this action is proper in the
United States District Court for the Northern District of Iowa. The
Complaint states a claim upon which relief may be granted against
Versova Defendants under Section 1 of the Sherman Act (15 U.S.C. 1).

II. Definitions

As used in this Final Judgment:
A. ``Versova'' means Versova Management Cooperative, a Minnesota
cooperative association with headquarters in Sioux Center, Iowa;
Centrum Valley Holdings, LLC; Versova Holdings, LLC; each company,
partnership, or other corporate entity that they currently manage, have
managed in the past, or will manage in the future (collectively, the
``Managed Companies''); all of the successors and assigns,
subsidiaries, divisions, groups, and affiliates of the foregoing; and
the directors, officers, managers, agents, and employees of the
foregoing. The Managed Companies currently include: Centrum Valley
Farms, LLP, Oakdell Farms, LLC, Morning Fresh Farms, LLC, Iowa
Cagefree, LLP, Trillium Farm Holdings, LLC, Center Fresh Egg Farm, LLP,
Hawkeye Pride Egg Farms, LLP, and Willamette Egg Farms, LLC. For
purposes of this definition, ``groups'' refers to internal business
units of the Versova Management Cooperative, Centrum Valley Holdings,
LLC, Versova Holdings, LLC, and the Managed Companies, regardless of
how those business units are formally organized. ``Versova'' does not
include Persons who are affiliated with Versova only because they are
also members or owners of a Member Commercial Association. Versova also
does not include any Managed Companies that are not involved in the
production, processing, sale, marketing, or acquisition of Eggs.
B. ``Benchmark Publication'' means any and all publications
containing any price quotations, benchmarks, indices, or market updates
for Eggs, including the daily quotations and undertone reports (e.g.,
the ``mid-morning tone'' and ``egg situation'' publications) published
by Urner Barry (and also including the ``COMTELL'' market intelligence
platform published by Urner Barry), the USDA Agricultural Marketing
Service Egg Market News Reports, and any successor publications.
C. ``Bid,'' ``Bids,'' or ``Bidding'' mean any offer to purchase
Eggs, including any offer to purchase (1) Eggs on trading platforms or
exchanges (including the exchange operated by ECI), or (2) through any
other means of acquiring Eggs (including acquiring Eggs from brokers or
through direct negotiations with producers of Eggs). ``Bid,'' ``Bids,''
and ``Bidding'' includes both executed and unexecuted offers as well as
a single offer and multiple offers. Offers solely to sell Eggs are not
``Bids,'' a ``Bid,'' or ``Bidding.''
D. ``Commercial Association'' means any cooperatives, joint
ventures, or other associations involved in the production, processing,
preparing for market, handling, marketing, or sale of Eggs.
E. ``Competitor'' means any Person, other than Versova, who
produces or processes Eggs, or markets or sells Eggs to wholesalers,
grocery stores, restaurants, or food-service distributors, including
any such Person other than Versova who is a member or owner of any
Member Commercial Association, and any Commercial Association that is
not a Member Commercial Association. ``Competitor'' does not include
any Member Commercial Association.
F. ``Deleted Bid'' means a Bid submitted on ECI that the bidder
withdraws or deletes prior to the time it would normally expire under
ECI's trading rules.
G. ``Document'' means all written, printed, or electronically
stored information, and any deleted but recoverable electronic files or
any electronic file fragments of any kind in the possession, custody,
or control of Versova, including information stored on social media
accounts like X (formerly, Twitter) or Facebook, chats, instant
messages, text messages, ephemeral or non-ephemeral messaging, and
other methods of group and individual communication (e.g., Microsoft
Teams, Slack), as well as documents contained in collaborative work
environments and other document databases (e.g., Microsoft SharePoint
sites, eRooms, document management systems such as iManage, intranets,
web content management systems such as Drupal, wikis, and blogs).
``Document'' includes metadata, formulas, and other embedded, hidden,
and bibliographic or historical data describing or relating to any
document.
H. ``ECI'' means Egg Clearinghouse, Inc. and the Egg spot market
transaction platform that it operates.
I. ``Eggs'' means whole shell eggs which are sold unbroken in their
shell.
J. ``Including'' means including, but not limited to.
K. ``Legitimate Business Needs'' means the need of a producer of
Eggs or a Commercial Association to acquire Eggs to meet current or
anticipated demand. A Bid or Transaction is not based on Legitimate
Business Needs when, at the time of a Bid or Transaction:
1. the producer or Commercial Association does not need to acquire
the Eggs to meet current or anticipated demand,
2. any employee, manager, or director of the producer or Commercial
Association, or any agent acting at the direction of the producer or
Commercial Association, submits Bids or executes Transactions knowing
that the prices are higher than necessary to acquire Eggs,
3. any employee, manager, or director of the producer or Commercial
Association, or any agent acting at the direction of the producer or
Commercial Association, submits Bids, or executes Transactions, knowing
that the Bids or Transactions are for a greater number of Eggs than
necessary to meet current or anticipated demand, or
4. any employee, manager, or director of the producer or Commercial
Association, or any agent acting at the direction of the producer or
Commercial Association, submits Bids without an intent to transact on
the prices and terms offered (except that a mistakenly or inadvertently
submitted Bid or price does not count as a Bid submitted without an
intent to transact).
Whether a Bid is based on Legitimate Business Needs is evaluated at
the time the Bid is submitted, and knowledge acquired after submission
of a Bid will not change whether a Bid was based on Legitimate Business
Needs at the time of submission. A Transaction that is executed as a
result of a Bid that is based on a Legitimate Business Need will be
considered a Transaction based on a Legitimate Business Need regardless
of any changes in market conditions between the time the Bid is
submitted and the execution of the Transaction. As used herein,
``knowing'' or ``knowledge'' means the actual knowledge of the
employee, manager, director, or agent. Knowledge acquired after a
Transaction will not change whether a Transaction was based on
Legitimate Business Needs at the time of the Transaction. In addition,
paying or offering to pay a higher price in order to acquire Eggs on a
particular delivery

[[Page 51234]]

timeline; to acquire Eggs of a particular type, size, or quantity; or
to increase the certainty of delivery will not, without more, mean that
a Bid or Transaction is not based on a Legitimate Business Need.
L. ``Member Commercial Association'' means any Commercial
Association that Versova owns (in whole or in part) or is a member of,
except the Versova Management Cooperative.
M. ``Member Commercial Association Meeting'' means any regularly
scheduled in-person, telephonic, or video-based meetings held by a
Member Commercial Association or one of its committees or working
groups, including supply and demand and marketing meetings.
N. ``Person'' means any natural person, corporate entity,
partnership, association, joint venture, proprietorship, agency, board,
authority, commission, office, trust, or other business or legal
entity.
O. ``Plaintiff States'' means the States of Arizona, California,
Colorado, Connecticut, Florida, Hawaii, Iowa, Maryland, Minnesota, New
York, North Carolina, Ohio, Pennsylvania, Texas, Utah, Vermont, and
Wisconsin.
P. ``Senior Management'' means Versova employees, agents, managers,
officers, and directors, wherever located, who (1) are involved in or
manage Bidding or the execution of Transactions or (2) participate in,
or supervise the individuals who participate in, Member Commercial
Associations.
Q. ``Transaction'' means any transaction to buy Eggs.
R. ``Urner Barry'' means Urner Barry Publications, Inc., a New
Jersey corporation with a principal place of business in Toms River,
New Jersey, Expana, and their present and former parent companies,
Mintec Ltd. and AgriBriefing.

III. Applicability

This Final Judgment applies to Versova and all other Persons in
active concert or participation with Versova who receive actual notice
of this Final Judgment.

IV. Prohibited Competitor Communications and Agreements

A. Versova must not, directly or indirectly, communicate, discuss,
or negotiate with any Competitor regarding:
1. the specific Bidding strategies of Versova or any Competitor;
2. the prices of any Bids that Versova or any Competitor has made,
will make, could make, or should make;
3. the timing of any specific Bids that Versova or any Competitor
has made, will make, could make, or should make;
4. the number of Bids that Versova or any Competitor has submitted,
will submit, could submit, or should submit; or
5. the information about Bids or Transactions, including the
information immediately above in this Paragraph IV(A)(1)-(4), and any
non-public information about Egg prices or Egg supply and demand, that
Versova, any Competitor, or any Member Commercial Association plans to
report or communicate, should report or communicate, could report or
communicate, has reported or communicated, or is considering reporting
or communicating to any Benchmark Publication.
Nothing in this Paragraph IV.A prohibits Versova from (a)
communicating with a Competitor (and, if necessary, a broker or brokers
acting as an intermediary) to buy or sell Eggs, including regarding the
price, number, or terms, if Versova is only discussing the price,
number, or terms under which it will buy Eggs from or sell Eggs to that
Competitor, solely with the Competitor with whom Versova is negotiating
to buy or sell Eggs (and, if applicable, the broker or brokers), (b)
communicating with a Competitor (and, if necessary, a broker or brokers
acting as an intermediary) regarding the price, number, or terms of an
agreement to co-pack Eggs if that co-pack agreement is solely between
Versova and that Competitor (and, if applicable, the broker or
brokers), (c) making general statements in an earnings call or public
filing about Versova's past Bids or Bidding strategies, as long as
those statements do not include current or forward-looking information
about the prices, timing, or number of Bids, or Bidding strategies, or
(d) communicating with any Benchmark Publications about Versova's Bids
and Transactions. For the avoidance of doubt, Versova's mere receipt of
a Person's communication to Versova of the information described in
Paragraph IV.A, if not requested by Versova, does not constitute a
violation of this Paragraph IV.A.
B. Versova must not, directly or indirectly, agree with any
Competitor or Member Commercial Association:
1. on the number, pricing, or other terms of Bids submitted by
Versova or any Competitor; or
2. on the number, pricing, or other terms of Transactions executed
between Versova and any third party or any Competitor and any third
party.
C. Nothing in this Section IV prohibits:
1. Versova from communicating, discussing, negotiating, or agreeing
with a Competitor to buy Eggs from or sell Eggs to that Competitor if
that acquisition or sale is solely between Versova and that Competitor
(and past Bids, Transactions, or sales of Eggs may be referenced,
communicated, or discussed in the negotiation of such an acquisition or
sale, solely with the Competitor with whom Versova is negotiating to
buy or sell Eggs);
2. Versova from agreeing with a Person that is not a Competitor or
Member Commercial Association to buy Eggs from, or sell Eggs to, a
Competitor, if those acquisitions or sales are based on Legitimate
Business Needs;
3. Versova from communicating, discussing, negotiating, or agreeing
with any Member Commercial Association, its members, or any Person
acting on that Member Commercial Association's behalf about the Bids
and Transactions of that Member Commercial Association--or, if Versova
is submitting a Bid of that Member Commercial Association,
communicating, discussing, negotiating, or agreeing with the Member
Commercial Association or its members or owners about the Bids of that
Member Commercial Association--as long as Versova does not, directly or
indirectly, communicate, discuss, negotiate, or agree with any
Competitors that are members or owners of that Member Commercial
Association about the current or future Bids or Transactions of Versova
or any of the Competitors;
4. Versova from communicating, discussing, negotiating, or agreeing
with a Person who purchases substantially more Eggs than that Person
produces about Bids or Transactions by Versova to acquire Eggs for the
benefit of that Person even if that Person otherwise meets the
definition of ``Competitor''; or
5. conduct other than as enumerated in this Section IV.

V. OTHER PROHIBITED CONDUCT

A. On a bi-annual (i.e., twice a year) basis beginning with
Versova's second full financial quarter following entry of the
Stipulation and Order and for a period of five (5) years, Versova must
submit to the United States and the Plaintiff States, no later than
thirty (30) days after the close of the quarter:
1. a certification made under penalty of perjury from Versova's
General Counsel that, upon information and belief, based on a
reasonably diligent inquiry, Versova did not communicate with any
Competitor or Member

[[Page 51235]]

Commercial Association regarding any Bids or Transactions that Versova
knows are not based on Legitimate Business Needs; and
2. a written explanation made under penalty of perjury for each
Versova Deleted Bid (except for Bids deleted because Versova acquired
the necessary Eggs through other Transactions). This written
explanation must include the date and time of the Bid, any unique
identifier applicable to the Bid, the dollar value of the Bid, when the
Bid was deleted, and an explanation of the reasons why Versova deleted
the Bid.
B. Versova must not communicate with any Competitor or Member
Commercial Association regarding any:
1. Bids or Transactions that Versova knows are not based on
Legitimate Business Needs or
2. Bids or Transactions that Versova knows are intended to affect
any Benchmark Publication.
However, the mere receipt by Versova of a Competitor or Member
Commercial Association's communication regarding Bids or Transactions
that are intended to affect a Benchmark Publication or that are not
based on Legitimate Business Needs, if not requested by Versova, does
not constitute a violation of this Paragraph V.B.
C. Versova must not encourage, induce, influence, solicit, advise,
agree with, or assist any Competitor or Member Commercial Association
to:
1. submit Bids, or execute Transactions, that are intended to
affect any Benchmark Publication; or
2. submit Bids, or execute Transactions, that are not based on the
Legitimate Business Needs of Versova, the Competitor, or the Member
Commercial Association.
D. For purposes of this Section V, a Bid or Transaction is
``intended to affect any Benchmark Publication'' when at least one goal
or purpose, known to Versova, is to affect any Benchmark Publication.
For the avoidance of doubt, mere knowledge, foreseeability, or
understanding that a Bid or Transaction could, would, or might affect a
Benchmark publication does not make a Bid or Transaction ``intended to
affect any Benchmark Publication.''
E. Nothing in this Section V prohibits conduct other than as
enumerated in this Section V.

VI. Compliance and Reporting Obligations

A. Within sixty (60) days of entry of the Stipulation and Order,
Versova must submit a written antitrust compliance policy to the United
States and the Plaintiff States, for approval by the United States in
its sole discretion that complies with the obligations set forth in
this Final Judgment. Versova must annually train all Senior Management
on this written policy.
B. Within sixty (60) days of entry of the Stipulation and Order,
Versova must designate an antitrust compliance officer. Versova must
identify to the United States and the Plaintiff States the antitrust
compliance officer's name, business address, telephone number, and
email address. Within sixty (60) days of a vacancy in Versova's
antitrust compliance officer position, Versova must appoint a
replacement and must identify to the United States and the Plaintiff
States the replacement's name, business address, telephone number, and
email address. Versova's initial and replacement appointments of an
antitrust compliance officer are subject to the approval of the United
States in its sole discretion. Versova is responsible for all costs and
expenses related to the antitrust compliance officer. The antitrust
compliance officer will be responsible for:
1. auditing on a bi-annual basis (i.e., twice per year) compliance
with Sections IV and V;
2. attending and monitoring (including through virtual, other
electronic, or telephonic means) either personally or through reports
from outside antitrust counsel any Member Commercial Association
Meeting in which the supply and demand or marketing of Eggs (including
Bidding) is reasonably anticipated to be discussed;
3. implementing and enforcing Versova's antitrust compliance policy
and annual training required by Paragraph VI.A; and
4. reporting any communication regarding Member Commercial
Association Meetings pursuant to Paragraph VI.D.
C. On an annual basis beginning with Versova's second full
financial quarter following entry of the Stipulation and Order, no
later than thirty (30) days after the close of the quarter, Versova
must:
1. submit to the United States and the Plaintiff States a
certification from Versova's General Counsel attesting under penalty of
perjury that (i) Versova has established and maintained the antitrust
compliance policy and annual training required by Paragraph VI.A; and
(ii) Versova has complied with the requirements in Sections IV and V;
and
2. submit to the United States and the Plaintiff States a
certification from the antitrust compliance officer attesting under
penalty of perjury that (i) Versova has taken reasonable steps to
comply with Sections IV and V; (ii) the antitrust compliance officer
has attended or monitored through reports from outside antitrust
counsel all Member Commercial Association Meetings attended by Versova
in which the supply and demand or marketing of Eggs (including Bidding)
is reasonably anticipated to be discussed; (iii) the antitrust
compliance officer has reported all known communications pursuant to
Paragraph VI.D; and (iv) the antitrust compliance officer has performed
bi-annual audits to ensure compliance with Sections IV and V.
D. Upon learning that Versova has engaged in communications or
other conduct during a Member Commercial Association Meeting prohibited
by Section IV or Section V, the antitrust compliance officer designated
pursuant to Paragraph VI.B must provide to the United States and the
Plaintiff States the following information within thirty (30) days:
1. the date, time, location, and a description of the
communications or conduct, as well as the participants in the
communications or conduct; and
2. all Documents relating to the communications or conduct,
including any agenda and meeting minutes.
No report pursuant to this Paragraph VI.D shall be construed as a
per se admission of wrongdoing or violation of this Final Judgment by
Versova. Notwithstanding the foregoing, the reporting obligation in
this Paragraph VI.D does not extend to privileged communications.
E. If Versova joins any Commercial Association between the date the
Proposed Final Judgment is entered and the termination of the Final
Judgment, Versova must submit to the United States and the Plaintiff
States a detailed written description of the Commercial Association
within thirty (30) calendar days after signing bylaws, a membership
agreement, or a comparable Document, including a list of the members of
that Commercial Association (as well as the name, business address,
phone number, and email address for those members), the purpose and
business of that Commercial Association, and copies of any governing
agreements of the Commercial Association (including bylaws and
membership agreements).
F. Versova must provide a written copy of this Final Judgment to
any current Member Commercial Association, with a request that the
Final Judgment be sent to all members of the Member Commercial
Association, within thirty (30) days from the entry of this Final
Judgment. Versova must provide a written copy of this Final Judgment to
any Commercial Association that Versova joins between the date the
Final Judgment is entered and the termination of the Final

[[Page 51236]]

Judgment, with a request that the Final Judgment be sent to all members
of the Member Commercial Association, within thirty (30) days after
joining any such Commercial Association.

VII. Compliance Inspection

A. For the purposes of determining or securing compliance with this
Final Judgment or related orders such as the Stipulation and Order or
determining whether this Final Judgment should be modified or vacated,
upon written request of an authorized representative of the Assistant
Attorney General for the Antitrust Division or Plaintiff States and
reasonable notice to Versova, Versova must permit, from time to time
and subject to legally recognized privileges, authorized
representatives, including agents retained by the United States or
Plaintiff States:
1. to have access during Versova's business hours to inspect and
copy, or at the option of the United States or Plaintiff States, to
require Versova to provide electronic copies of all books, ledgers,
accounts, records, data, and Documents wherever located, in the
possession, custody, or control of Versova relating to any matters
contained in this Final Judgment; and
2. to interview, either informally or on the record, Versova's
officers, employees, or agents, wherever located, who may have their
individual counsel present, relating to any matters contained in this
Final Judgment. The interviews must be subject to the reasonable
convenience of the interviewee and without restraint or interference by
Versova.
B. Upon the written request of an authorized representative of the
Assistant Attorney General for the Antitrust Division or Plaintiff
States, Versova must submit written reports or respond to written
interrogatories, under oath if requested, relating to any matters
contained in this Final Judgment.

VIII. Release

Versova is hereby fully and finally discharged and released from
the claims stated in the Complaint against Versova.

IX. Public Disclosure

A. No information or Documents obtained pursuant to any provision
in this Final Judgment may be divulged by the United States or the
Plaintiff States to any Person other than an authorized representative
of the executive branch of the United States or Plaintiff States,
except in the course of legal proceedings to which the United States or
a Plaintiff State is a party, including grand-jury proceedings, or as
otherwise required by law.
B. In the event of a request by a third party, pursuant to the
Freedom of Information Act, 5 U.S.C. 552, or similar state disclosure
laws, for disclosure of information obtained pursuant to any provision
of this Final Judgment, Plaintiffs will act in accordance with that
statute and the Department of Justice regulations at 28 CFR part 16,
including the provision on confidential commercial information, at 28
CFR 16.7, or the state disclosure laws as applicable. Versova, when
submitting information to the Antitrust Division, should designate the
confidential commercial information portions of all applicable
Documents and information under 28 CFR 16.7. Designations of
confidentiality expire ten (10) years after submission, ``unless the
submitter requests and provides justification for a longer designation
period.'' See 28 CFR 16.7(b).
C. If at the time that Versova furnishes information or Documents
to the United States or the Plaintiff States pursuant to any provision
of this Final Judgment, Versova represents and identifies in writing
information or Documents for which a claim of protection may be
asserted under Rule 26(c)(1)(G) of the Federal Rules of Civil
Procedure, and Versova marks each pertinent page of such material
``Subject to claim of protection under Rule 26(c)(1)(G) of the Federal
Rules of Civil Procedure,'' the United States or the Plaintiff States
must give Versova ten (10) calendar days' notice before divulging the
material in any legal proceeding (other than a grand jury proceeding),
unless subject to a court order requiring disclosure within fewer than
ten (10) calendar days, in which case the United States or the
Plaintiff States will provide notice as quickly as practicable.

X. Retention of Jurisdiction

XI. Enforcement of Final Judgment

A. The United States, or any Plaintiff State with respect to
actions by Defendant impacting Egg sales in its State, retains and
reserves all rights to enforce the provisions of this Final Judgment,
including the right to seek an order of contempt from the Court. In a
civil contempt action, a motion to show cause, or a similar action
brought by the United States or an affected Plaintiff State relating to
an alleged violation of this Final Judgment, the United States or the
affected Plaintiff State may establish a violation of this Final
Judgment and the appropriateness of a remedy therefor by a
preponderance of the evidence, and Versova waives any argument that a
different standard of proof should apply.
B. Versova may be held in contempt of, and the Court may enforce,
any provision of this Final Judgment that, as interpreted by the Court
applying ordinary tools of interpretation, is stated specifically and
in reasonable detail, whether or not it is clear and unambiguous on its
face. In any such interpretation, the terms of this Final Judgment
should not be construed against either party as the drafter.
C. In an enforcement proceeding in which the Court finds that
Versova has violated this Final Judgment, the United States may apply
to the Court for an extension of this Final Judgment, together with
other relief that may be appropriate. In connection with a successful
effort by the United States or any affected Plaintiff State to enforce
this Final Judgment against Versova, whether litigated or resolved
before litigation, Versova must reimburse the United States or any
affected Plaintiff State for the fees and expenses of its attorneys, as
well as all other costs including experts' fees, incurred in connection
with that effort to enforce this Final Judgment, including in the
investigation of the potential violation.
D. For a period of four (4) years following the expiration of this
Final Judgment, if the United States has evidence that Versova violated
this Final Judgment before it expired, the United States may file an
action against Versova in this Court requesting that the Court order:
(1) Versova to comply with the terms of this Final Judgment for an
additional term of at least four (4) years following the filing of the
enforcement action; (2) all appropriate contempt remedies; (3)
additional relief needed to ensure Versova complies with the terms of
this Final Judgment; and (4) fees or expenses as called for by this
Section XI.

XII. Expiration of Final Judgment

[[Page 51237]]

Final Judgment is no longer necessary or in the public interest. All
requirements, including all notice, certification, and reporting
requirements, will terminate automatically upon the expiration of this
Final Judgment.

XIII. Reservation of Rights

This Final Judgment terminates only the claims stated in the
Complaint against Versova and does not affect other charges or claims
the United States or the Plaintiff States may file.

XIV. Public Interest Determination

United States District Court for the Northern District of Iowa Western
Division

Civil Action No. 5:26-cv-04060-LTS-MAR

Proposed Final Judgment

Whereas, Plaintiffs, the United States of America, and the States
of Arizona, California, Colorado, Connecticut, Florida, Hawaii, Iowa,
Maryland, Minnesota, New York, North Carolina, Ohio, Pennsylvania,
Texas, Utah, Vermont, and Wisconsin, filed their Complaint on June 29,
2026;
And whereas, Plaintiffs and Defendant, Hickman's Egg Ranch, Inc.
(``Hickman's'') have consented to entry of this Final Judgment without
the taking of testimony, without trial or adjudication of any issue of
fact or law, and without this Final Judgment constituting any evidence
against or admission by any party relating to any issue of fact or law;
And whereas, Hickman's agrees to be bound by certain obligations
and to undertake certain actions to remedy the loss of competition
alleged in the Complaint;
And whereas, Hickman's represents that the relief required by this
Final Judgment can and will be made and that Hickman's will not later
raise a claim of hardship or difficulty as grounds for asking the court
to modify any provision of this Final Judgment;
Now, therefore, it is ordered, adjudged, and decreed:

I. Jurisdiction and Venue

The Court has jurisdiction over the subject matter of this action
and over the parties to it. Venue for this action is proper in the
United States District Court for the Northern District of Iowa. The
Complaint states a claim upon which relief may be granted against
Hickman's under Section 1 of the Sherman Act (15 U.S.C. 1).

II. Definitions

As used in this Final Judgment:
A. ``Hickman's'' means Hickman's Egg Ranch, Inc., an Arizona
corporation with headquarters in Buckeye, Arizona, its successors and
assigns, and its subsidiaries, divisions, groups, and affiliates (other
than Mantiqueira USA Inc.'s shareholders, those shareholders' members
and shareholders, and their respective affiliates other than Hickman's
Egg Ranch, Inc.), and their directors, officers, managers, agents, and
employees. ``Hickman's'' does not include Persons who are affiliated
with Hickman's only because they are also members or owners of a
Hickman's Commercial Association. For purposes of this definition,
``groups'' refers to internal business units of Hickman's Egg Ranch,
Inc., and its successors and subsidiaries, regardless of how those
business units are formally organized.
B. ``Benchmark Publication'' means any and all publications
containing any price quotations, benchmarks, indices, or market updates
for Eggs, including the daily quotations and undertone reports (e.g.,
the ``mid-morning tone'' and ``egg situation'' publications) published
by Urner Barry (and also including the ``COMTELL'' market intelligence
platform published by Urner Barry), the USDA Agricultural Marketing
Service Egg Market News Reports, and any successor publications.
C. ``Bid,'' ``Bids,'' or ``Bidding'' mean any offer to purchase
Eggs, including any offer to purchase (1) Eggs on trading platforms or
exchanges (including the exchange operated by ECI), or (2) through any
other means of acquiring Eggs (including acquiring Eggs from brokers or
through direct negotiations with producers of Eggs). ``Bid,'' ``Bids,''
and ``Bidding'' includes both executed and unexecuted offers as well as
a single offer and multiple offers. For the avoidance of doubt, offers
solely to sell Eggs are not ``Bids,'' a ``Bid,'' or ``Bidding.''
D. ``Commercial Association'' means any cooperatives, joint
ventures, or other associations involved in the production, processing,
preparing for market, handling, marketing, or sale of Eggs.
E. ``Competitor'' means any Person, other than Hickman's, who
produces or processes Eggs, or markets or sells Eggs to wholesalers,
grocery stores, restaurants, or food-service distributors, including
any such Person other than Hickman's who is a member or owner of any
Hickman's Commercial Association, and any Commercial Association that
is not a Hickman's Commercial Association. ``Competitor'' does not
include any Hickman's Commercial Association.
F. ``Deleted Bid'' means a Bid submitted on ECI that the bidder
withdraws or deletes prior to the time it would normally expire under
ECI's trading rules.
G. ``Document'' means all written, printed, or electronically
stored information, and any deleted but recoverable electronic files or
any electronic file fragments of any kind in the possession, custody,
or control of Hickman's, including information stored on social media
accounts like X (formerly, Twitter) or Facebook, chats, instant
messages, text messages, ephemeral or non-ephemeral messaging, and
other methods of group and individual communication (e.g., Microsoft
Teams, Slack), as well as documents contained in collaborative work
environments and other document databases (e.g., Microsoft SharePoint
sites, eRooms, document management systems such as iManage, intranets,
web content management systems such as Drupal, wikis, and blogs).
``Document'' includes metadata, formulas, and other embedded, hidden,
and bibliographic or historical data describing or relating to any
document.
H. ``ECI'' means Egg Clearinghouse, Inc. and the Egg spot market
transaction platform that it operates.
I. ``Eggs'' means whole shell eggs which are sold unbroken in their
shell.
J. ``Hickman's Commercial Association'' means any Commercial
Association that Hickman's owns (in whole or in part) or is a member
of.
K. ``Hickman's Commercial Association Meeting'' means any regularly
scheduled in-person,

[[Page 51238]]

telephonic, or video-based meetings held by a Hickman's Commercial
Association or one of its committees or working groups, including
supply and demand and marketing meetings.
L. ``Including'' means including, but not limited to.
M. ``Legitimate Business Needs'' means the need of a producer of
Eggs or a Commercial Association to acquire Eggs to meet current or
anticipated demand. A Bid or Transaction is not based on Legitimate
Business Needs when, at the time of a Bid or Transaction:
1. the producer or Commercial Association does not need to acquire
the Eggs to meet current or anticipated demand,
2. any employee, manager, or director of the producer or Commercial
Association, or any agent acting at the direction of the producer or
Commercial Association, submits Bids or executes Transactions knowing
that the prices are higher than necessary to acquire Eggs,
3. any employee, manager, or director of the producer or Commercial
Association, or any agent acting at the direction of the producer or
Commercial Association, submits Bids, or executes Transactions, knowing
that the Bids or Transactions are for a greater number of Eggs than
necessary to meet current or anticipated demand, or
4. any employee, manager, or director of the producer or Commercial
Association, or any agent acting at the direction of the producer or
Commercial Association, submits Bids without an intent to transact on
the prices and terms offered (except that a mistakenly or inadvertently
submitted Bid or price does not count as a Bid submitted without an
intent to transact).
Whether a Bid is based on Legitimate Business Needs is evaluated at
the time the Bid is submitted, and knowledge acquired after submission
of a Bid will not change whether a Bid was based on Legitimate Business
Needs at the time of submission. A Transaction that is executed as a
result of a Bid that is based on a Legitimate Business Need will be
considered a Transaction based on a Legitimate Business Needs
regardless of any changes in market conditions between the time the Bid
is submitted and the execution of the Transaction. As used herein,
``knowing'' or ``knowledge'' means the actual knowledge of the
employee, manager, director, or agent. Knowledge acquired after a
Transaction will not change whether a Transaction was based on
Legitimate Business Needs at the time of the Transaction. In addition,
paying or offering to pay a higher price in order to acquire Eggs on a
particular delivery timeline; to acquire Eggs of a particular type,
size, or quantity; or to increase the certainty of delivery will not,
without more, mean that a Bid or Transaction is not based on a
Legitimate Business Need.
N. ``Person'' means any natural person, corporate entity,
partnership, association, joint venture, proprietorship, agency, board,
authority, commission, office, trust, or other business or legal
entity.
O. ``Plaintiff States'' means the States of Arizona, California,
Colorado, Connecticut, Florida, Hawaii, Iowa, Maryland, Minnesota, New
York, North Carolina, Ohio, Pennsylvania, Texas, Utah, Vermont, and
Wisconsin.
P. ``Transaction'' means any transaction to buy Eggs.
Q. ``Senior Management'' means Hickman's' employees, agents,
managers, officers, and directors, wherever located, who (1) are
involved in or manage Bidding or the execution of Transactions, or (2)
participate in, or supervise the individuals who participate in,
Hickman's Commercial Associations.
R. ``Urner Barry'' means Urner Barry Publications, Inc., a New
Jersey corporation with a principal place of business in Toms River,
New Jersey, Expana, and their present and former parent companies,
Mintec Ltd. and AgriBriefing.

III. Applicability

This Final Judgment applies to Hickman's and all other Persons in
active concert or participation with Hickman's who receive actual
notice of this Final Judgment.

IV. Prohibited Competitor Communications and Agreements

A. Hickman's must not, directly or indirectly, communicate,
discuss, or negotiate with any Competitor regarding:
1. the specific Bidding strategies of Hickman's or any Competitor;
2. the prices of any Bids that Hickman's or any Competitor has
made, will make, could make, or should make;
3. the timing of any specific Bids that Hickman's or any Competitor
has made, will make, could make, or should make;
4. the number of Bids that Hickman's or any Competitor has
submitted, will submit, could submit, or should submit; or
5. the information about Bids or Transactions, including the
information immediately above in this Paragraph IV(A)(1)-(4), and any
non-public information about Egg prices or Egg supply and demand, that
Hickman's, any Competitor, or any Hickman's Commercial Association
plans to report or communicate, should report or communicate, could
report or communicate, has reported or communicated, or is considering
reporting or communicating to any Benchmark Publication.
Nothing in this Paragraph IV.A prohibits (a) Hickman's from
communicating with a Competitor (and, if necessary, a broker or brokers
acting as an intermediary) to buy or sell Eggs, including regarding the
price, number, or terms, if Hickman's is only discussing the price,
number, or terms under which it will buy Eggs from or sell Eggs to that
Competitor, solely with the Competitor with whom Hickman's is
negotiating to buy or sell Eggs (and, if applicable, the broker or
brokers), (b) communicating with a Competitor (and, if necessary, a
broker or brokers acting as an intermediary) regarding the price,
number, or terms of an agreement to co-pack Eggs if that co-pack
agreement is solely between Hickman's and that Competitor (and, if
applicable, the broker or brokers), (c) making general statements in an
earnings call or public filing about Hickman's past Bids or Bidding
strategies, as long as those statements do not include current or
forward-looking information about the prices, timing, or number of
Bids, or Bidding strategies, or (d) communicating with any Benchmark
Publications about Hickman's Bids and Transactions. For the avoidance
of doubt, Hickman's mere receipt of a Competitor's communication to
Hickman's of the information described in Paragraph IV.A, if not
requested by Hickman's, does not constitute a violation of this
Paragraph IV.A.
B. Hickman's must not, directly or indirectly, agree with any
Competitor or Hickman's Commercial Association:
1. on the number, pricing, or other terms of Bids submitted by
Hickman's or any Competitor; or
2. on the number, pricing, or other terms of Transactions executed
between Hickman's and any third party or any Competitor and any third
party.
C. Nothing in this Section IV prohibits:
1. Hickman's from communicating, discussing, negotiating, or
agreeing with a Competitor (or, if applicable, a Hickman's Commercial
Association) to buy Eggs from or sell Eggs to that Competitor (or, if
applicable, a Hickman's Commercial Association) if that acquisition or
sale is solely between Hickman's and that Competitor (and past Bids,
Transactions, or sales of Eggs may be referenced, communicated, or
discussed in the negotiation of such an acquisition or sale, solely
with the

[[Page 51239]]

Competitor or Hickman's Commercial Association with whom Hickman's is
negotiating to buy or sell Eggs);
2. Hickman's from agreeing with a Person that is not a Competitor
or Hickman's Commercial Association to buy Eggs from, or sell Eggs to,
a Competitor, if those acquisitions or sales are based on Legitimate
Business Needs;
3. Hickman's from communicating, discussing, negotiating, or
agreeing with any Hickman's Commercial Association, its members, or any
Person acting on that Hickman's Commercial Association's behalf about
the Bids and Transactions of that Hickman's Commercial Association--or,
if Hickman's is submitting a Bid of the Hickman's Commercial
Association, communicating, discussing, negotiating, or agreeing with
that Hickman's Commercial Association or its members or owners about
the Bids of that Hickman's Commercial Association--as long as Hickman's
does not, directly or indirectly, communicate, discuss, negotiate, or
agree with any Competitors that are members or owners of that Hickman's
Commercial Association about the current or future Bids or Transactions
of Hickman's or any of the Competitors;
4. Hickman's from communicating, discussing, negotiating, or
agreeing with a Person who purchases substantially more Eggs than that
Person produces about Bids or Transactions by Hickman's to acquire Eggs
for the benefit of that Person even if that Person otherwise meets the
definition of ``Competitor''; or
5. conduct other than as enumerated in this Section IV.

V. Other Prohibited Conduct

A. On a bi-annual (i.e., twice a year) basis beginning with
Hickman's second full financial quarter following entry of the
Stipulation and Order and for a period of five (5) years, Hickman's
must submit to the United States and the Plaintiff States, no later
than thirty (30) days after the close of the quarter:
1. a certification made under penalty of perjury from Hickman's
Chief Financial Officer that, upon information and belief, based on a
reasonably diligent inquiry, Hickman's did not communicate with any
Competitor or Hickman's Commercial Association regarding any Bids or
Transactions that Hickman's knows are not based on Legitimate Business
Needs; and
2. a written explanation made under penalty of perjury for each
Deleted Bid (except for Bids deleted because Hickman's acquired the
necessary Eggs through other Transactions). This written explanation
must include the date and time of the Bid, any unique identifier
applicable to the Bid, the dollar value of the Bid, when the Bid was
deleted, and an explanation of the reasons why Hickman's deleted the
Bid.
B. Hickman's must not communicate with any Competitor or Hickman's
Commercial Association regarding:
1. Bids or Transactions that Hickman's knows are not based on
Legitimate Business Needs or
2. Bids or Transactions that Hickman's knows are intended to affect
any Benchmark Publication.
However, the mere receipt by Hickman's of a Competitor or Hickman's
Commercial Association's communication regarding Bids or Transactions
that are intended to affect a Benchmark Publication or that are not
based on Legitimate Business Needs, if not requested by Hickman's, does
not constitute a violation of this Paragraph V.B.
C. Hickman's must not encourage, induce, influence, solicit,
advise, agree with, or assist any Competitor or Hickman's Commercial
Association to:
1. submit Bids, or execute Transactions, that are intended to
affect any Benchmark Publication, or
2. submit Bids, or execute Transactions, that are not based on the
Legitimate Business Needs of Hickman's, the Competitor, or the
Hickman's Commercial Association.
D. For purposes of this Section V, a Bid or Transaction is
``intended to affect any Benchmark Publication'' when at least one goal
or purpose, known to Hickman's, is to affect any Benchmark Publication.
For the avoidance of doubt, mere knowledge, foreseeability, or
understanding that a Bid or Transaction could, would, or might affect a
Benchmark publication does not make a Bid or Transaction ``intended to
affect any Benchmark Publication.''
E. Nothing in this Section V prohibits conduct other than as
enumerated in this Section V.

VI. Compliance and Reporting Obligations

A. Within sixty (60) days of entry of the Stipulation and Order,
Hickman's must submit a written antitrust compliance policy to the
United States and the Plaintiff States for approval by the United
States in its sole discretion that complies with the obligations set
forth in this Final Judgment. Hickman's must annually train all Senior
Management on this written policy.
B. Within sixty (60) days of entry of the Stipulation and Order,
Hickman's must designate an antitrust compliance officer. Hickman's
must identify to the United States and the Plaintiff States the
antitrust compliance officer's name, business address, telephone
number, and email address. Within sixty (60) days of a vacancy in
Hickman's antitrust compliance officer position, Hickman's must appoint
a replacement and must identify to the United States and the Plaintiff
States the replacement's name, business address, telephone number, and
email address. Hickman's initial and replacement appointments of an
antitrust compliance officer are subject to the approval of the United
States in its sole discretion. Hickman's is responsible for all costs
and expenses related to the antitrust compliance officer. The antitrust
compliance officer will be responsible for:
1. auditing on a bi-annual basis (i.e., twice per year) compliance
with Sections IV and V;
2. attending and monitoring (including through virtual, other
electronic, or telephonic means) either personally or through reports
from outside antitrust counsel any Hickman's Commercial Association
Meeting in which the supply and demand or marketing of Eggs (including
Bidding) is reasonably anticipated to be discussed;
3. implementing and enforcing Hickman's antitrust compliance policy
and annual training required by Paragraph VI.A; and
4. reporting any communication regarding Hickman's Commercial
Association Meetings pursuant to Paragraph VI.D.
C. On an annual basis beginning with Hickman's second full
financial quarter following entry of the Stipulation and Order, no
later than thirty (30) days after the close of the quarter, Hickman's
must:
1. submit to the United States and the Plaintiff States a
certification from Hickman's Chief Financial Officer attesting under
penalty of perjury that (i) Hickman's has established and maintained
the antitrust compliance policy and annual training required by
Paragraph VI.A; and (ii) Hickman's has complied with the requirements
in Sections IV and V; and
2. submit to the United States and the Plaintiff States a
certification from the antitrust compliance officer attesting under
penalty of perjury that (i) Hickman's has taken reasonable steps to
comply with Sections IV and V; (ii) the antitrust compliance officer
has attended or monitored through reports from outside antitrust
counsel all Hickman's Commercial Association Meetings attended by
Hickman's in which the supply and demand or marketing of Eggs
(including Bidding) is reasonably anticipated to be discussed; (iii)
the antitrust compliance officer has

[[Page 51240]]

reported all known communications pursuant to Paragraph VI.D; and (iv)
the antitrust compliance officer has performed bi-annual audits to
ensure compliance with Sections IV and V.
D. Upon learning that Hickman's has engaged in communications or
other conduct during a Hickman's Commercial Association Meeting
prohibited by Section IV or Section V, the antitrust compliance officer
designated pursuant to Paragraph VI.B must provide to the United States
and the Plaintiff States the following information within thirty (30)
days:
1. the date, time, location, and a description of the
communications or conduct, as well as the participants in the
communications or conduct; and
2. all Documents relating to the communications or conduct,
including any agenda and meeting minutes.
No report pursuant to this Paragraph VI.D shall be construed as a
per se admission of wrongdoing or violation of this Final Judgment by
Hickman's. Notwithstanding the foregoing, the reporting obligation in
this Paragraph VI.D does not extend to privileged communications.
E. If Hickman's joins any Commercial Association between the date
the Proposed Final Judgment is entered and the termination of the Final
Judgment, Hickman's must submit to the United States and the Plaintiff
States a detailed written description of the Commercial Association
within thirty (30) calendar days after signing bylaws, a membership
agreement, or a comparable Document, including a list of the members of
that Commercial Association (as well as the name, business address,
phone number, and email address for those members), the purpose and
business of that Commercial Association, and copies of any governing
agreements of the Commercial Association (including bylaws and
membership agreements).
F. Hickman's must provide a written copy of this Final Judgment to
any current Hickman's Commercial Association, with a request that the
Final Judgment be sent to its members, within thirty (30) days from the
entry of this Final Judgment. Hickman's must provide a written copy of
this Final Judgment to any Commercial Association that Hickman's joins
between the date the Final Judgment is entered and the termination of
the Final Judgment, with a request that the Final Judgment be sent to
its members, within thirty (30) days after joining any such Commercial
Association.

VII. Compliance Inspection

A. For the purposes of determining or securing compliance with this
Final Judgment or related orders such as the Stipulation and Order or
determining whether this Final Judgment should be modified or vacated,
upon written request of an authorized representative of the Assistant
Attorney General for the Antitrust Division or Plaintiff States and
reasonable notice to Hickman's, Hickman's must permit, from time to
time and subject to legally recognized privileges, authorized
representatives, including agents retained by the United States or
Plaintiff States:
1. to have access during Hickman's business hours to inspect and
copy, or at the option of the United States or Plaintiff States, to
require Hickman's to provide electronic copies of all books, ledgers,
accounts, records, data, and Documents wherever located, in the
possession, custody, or control of Hickman's relating to any matters
contained in this Final Judgment; and
2. to interview, either informally or on the record, Hickman's
officers, employees, or agents, wherever located, who may have their
individual counsel present, relating to any matters contained in this
Final Judgment. The interviews must be subject to the reasonable
convenience of the interviewee and without restraint or interference by
Hickman's.
B. Upon the written request of an authorized representative of the
Assistant Attorney General for the Antitrust Division or Plaintiff
States, Hickman's must submit written reports or respond to written
interrogatories, under oath if requested, relating to any matters
contained in this Final Judgment.

VIII. Release

Hickman's is hereby fully and finally discharged and released from
the claims stated in the Complaint against Hickman's.

IX. Public Disclosure

A. No information or Documents obtained pursuant to any provision
in this Final Judgment may be divulged by the United States or the
Plaintiff States to any Person other than an authorized representative
of the executive branch of the United States or the Plaintiff States,
except in the course of legal proceedings to which the United States or
a Plaintiff State is a party, including grand-jury proceedings, or as
otherwise required by law.
B. In the event of a request by a third party, pursuant to the
Freedom of Information Act, 5 U.S.C. 552, or similar state disclosure
laws, for disclosure of information obtained pursuant to any provision
of this Final Judgment, Plaintiffs will act in accordance with that
statute and the Department of Justice regulations at 28 CFR part 16,
including the provision on confidential commercial information, at 28
CFR 16.7, or the state disclosure laws as applicable. Hickman's, when
submitting information to the Antitrust Division, should designate the
confidential commercial information portions of all applicable
Documents and information under 28 CFR 16.7. Designations of
confidentiality expire ten (10) years after submission, ``unless the
submitter requests and provides justification for a longer designation
period.'' See 28 CFR 16.7(b).
C. If at the time that Hickman's furnishes information or Documents
to the United States or the Plaintiff States pursuant to any provision
of this Final Judgment, Hickman's represents and identifies in writing
information or Documents for which a claim of protection may be
asserted under Rule 26(c)(1)(G) of the Federal Rules of Civil
Procedure, and Hickman's marks each pertinent page of such material
``Subject to claim of protection under Rule 26(c)(1)(G) of the Federal
Rules of Civil Procedure,'' the United States or the Plaintiff States
must give Hickman's ten (10) calendar days' notice before divulging the
material in any legal proceeding (other than a grand jury proceeding),
unless subject to a court order requiring disclosure within fewer than
ten (10) calendar days, in which case the United States or the
Plaintiff States will provide notice as quickly as practicable.

X. Retention of Jurisdiction

XI. Enforcement of Final Judgment

[[Page 51241]]

the evidence, and Hickman's waives any argument that a different
standard of proof should apply.
B. Hickman's may be held in contempt of, and the Court may enforce,
any provision of this Final Judgment that, as interpreted by the Court
applying ordinary tools of interpretation, is stated specifically and
in reasonable detail, whether or not it is clear and unambiguous on its
face. In any such interpretation, the terms of this Final Judgment
should not be construed against either party as the drafter.
C. In an enforcement proceeding in which the Court finds that
Hickman's has violated this Final Judgment, the United States may apply
to the Court for an extension of this Final Judgment, together with
other relief that may be appropriate. In connection with a successful
effort by the United States or any affected Plaintiff State to enforce
this Final Judgment against Hickman's, whether litigated or resolved
before litigation, Hickman's must reimburse the United States or any
affected Plaintiff State for the fees and expenses of its attorneys, as
well as all other costs including experts' fees, incurred in connection
with that effort to enforce this Final Judgment, including in the
investigation of the potential violation.
D. For a period of four (4) years following the expiration of this
Final Judgment, if the United States has evidence that Hickman's
violated this Final Judgment before it expired, the United States may
file an action against Hickman's in this Court requesting that the
Court order: (1) Hickman's to comply with the terms of this Final
Judgment for an additional term of at least four (4) years following
the filing of the enforcement action; (2) all appropriate contempt
remedies; (3) additional relief needed to ensure Hickman's complies
with the terms of this Final Judgment; and (4) fees or expenses as
called for by this Section XI.

XII. Expiration of Final Judgment

Unless the Court grants an extension, this Final Judgment will
expire five (5) years from the date of its entry, except that after
four (4) years from the date of its entry, this Final Judgment may be
terminated upon motion by the United States to the Court and notice by
the United States to Hickman's and the Plaintiff States that
continuation of this Final Judgment is no longer necessary or in the
public interest. All requirements, including all notice, certification,
and reporting requirements will terminate automatically upon the
expiration of this Final Judgment.

XIII. Reservation of Rights

This Final Judgment terminates only the claims stated in the
Complaint against Hickman's and does not affect any other charges or
claims the United States or Plaintiff States may file.

XIV. Public Interest Determination

United States District Court for the Northern District of Iowa Western
Division

Civil Action No. 5:26-cv-04060

Competitive Impact Statement

In accordance with the Antitrust Procedures and Penalties Act, 15
U.S.C. 16(b)-(h) (the ``APPA'' or ``Tunney Act''), the United States of
America files this Competitive Impact Statement related to the proposed
Final Judgments filed in this civil antitrust proceeding against
Defendants Cal-Maine Foods, Inc. (``Cal-Maine''); Centrum Valley
Holdings, LLC, Versova Holdings, LLC, and Versova Management
Cooperative (collectively, ``Versova''); and Hickman's Egg Ranch, Inc.
(``Hickman's'') (collectively, ``Defendants'').

I. Nature and Purpose of the Proceeding

On June 29, 2026, the United States, along with the States of
Arizona, California, Colorado, Connecticut, Florida, Hawaii, Iowa,
Maryland, Minnesota, New York, North Carolina, Ohio, Pennsylvania,
Texas, Utah, Vermont, and Wisconsin (``Plaintiff States''), filed a
civil antitrust Complaint alleging that Defendants restrained
competition in the sale of shell eggs in violation of Section 1 of the
Sherman Act, 15 U.S.C. 1. The Complaint alleges that Cal-Maine,
Versova, and Hickman's violated Section 1 of the Sherman Act, 15 U.S.C.
1, by, among other things, coordinating to submit bids that were
designed to artificially inflate the daily price quotations of Urner
Barry Publications, Inc. (``Urner Barry''), a market reporting firm.
The effect of Defendants' agreement has been to increase the prices
retailers and consumers pay for eggs and to reduce competition among
Defendants. The Complaint seeks to enjoin this anticompetitive conduct
and stop it from recurring.
At the same time the Complaint was filed, the United States and
Plaintiff States also filed proposed Final Judgments and Stipulations
and Orders (``Stipulations and Orders''), which are designed to remedy
the loss of competition alleged in the Complaint.
The proposed Final Judgments, which are explained more fully below,
impose several requirements and restrictions on Defendants that
Defendants have agreed to and that are designed to remedy the loss of
competition alleged in the Complaint. First, the proposed Final
Judgments impose restrictions on competitor communications regarding
bidding strategies; the price, timing, and number of bids; and the
information reported to any benchmark publication. Second, the proposed
Final Judgments restrict Defendants from entering into any agreements
with competitors regarding the price, number, or other terms of bids
and transactions. Third, the proposed Final Judgments prohibit
Defendants from communicating with competitors regarding bids that are
intended to affect a benchmark or that are not based on legitimate
business needs. Fourth, the proposed Final Judgments require Defendants
to adopt and comply with a series of compliance measures for a term of
five years.
Under the terms of the Stipulations and Orders, Defendants must
abide by and comply with the provisions of the proposed Final Judgments
until they are entered by the Court or until the time for all appeals
of any Court ruling declining entry of the proposed Final Judgments has
expired.
The United States, Plaintiff States, and Defendants have stipulated
that the proposed Final Judgments may be entered after compliance with
the APPA. Entry of the proposed Final Judgments will terminate this
action, except that this Court will retain jurisdiction to construe,
modify, or enforce the provisions of the proposed

[[Page 51242]]

Final Judgments and to punish violations thereof.

II. Description of Events Giving Rise to the Alleged Violation

A. The Shell Egg Industry

Eggs are produced by egg producers and sold to buyers including
grocery stores, retailers, restaurants, and food-service
distributors.\2\ Several of the largest egg companies, including at
least two Defendants, operated their egg business with a ``net short''
business model during the relevant period, meaning that they did not
produce sufficient eggs to satisfy their existing customer demand. To
meet the shortfall in their egg production, Defendants procure eggs
from egg producers (or egg brokers) on an electronic exchange--a
marketplace where buyers and sellers connect to trade eggs--or through
direct purchases from egg producers (or egg brokers).
---------------------------------------------------------------------------

\2\ The egg industry often uses the phrase ``shell eggs'' to
refer to whole eggs sold unbroken in their shells. Unless otherwise
stated, the term ``eggs'' in this Competitive Impact Statement
refers to ``shell eggs.''
---------------------------------------------------------------------------

Egg producers, including Defendants, often sell eggs to retailers
including grocery stores and restaurants under contracts for which the
price of eggs is based on the daily price quotations published by the
market reporting firm Urner Barry. Urner Barry's price quotations are
based on, among other things, trades, bids, and offers on an exchange
in addition to self-reported trades not on an exchange. On exchanges,
egg companies can submit either ``bids'' to purchase eggs or ``offers''
to sell eggs. Executed transactions are often referred to as
``trades.''
In determining its price quotations, Urner Barry considers whether
trades, bids, and offers are at prices that are ``premium'' (prices
that suggest Urner Barry's price quotations are too low), ``discount''
(prices that suggest that Urner Barry's current price quotations are
too high), or ``supportive'' (prices that suggest that Urner Barry's
current price quotations are approximately correct). Accordingly, egg
companies' bids, offers, and trades for eggs on exchanges affect Urner
Barry's price quotations.

B. The Agreement To Increase Egg Prices

Beginning in June 2022 and continuing through March 2025,
Defendants conspired to artificially increase Urner Barry's daily price
quotations, which increased the price of eggs sold to buyers including
grocery stores, retailers, restaurants, and food-service distributors
under contracts with prices pegged to Urner Barry's quotations.
Defendants agreed, among other things, to submit many bids, submit
bids from multiple Defendants so that Urner Barry would perceive that a
diverse set of market participants were bidding, submit many bids in
the hours leading up to Urner Barry's egg price quotations, submit bids
that were unlikely to lead to executed trades in order to increase
Urner Barry's price quotations, and execute trades off of an electronic
exchange at premium prices. Defendants also lobbied Urner Barry to
increase its price quotations, including by citing their bids and
trades at premium prices as justifications for Urner Barry to increase
its price quotations. Defendants implemented these strategies to
increase Urner Barry's price quotations, which in turn increased the
price of eggs sold under contracts with prices pegged to those price
quotations.
Defendants' coordinated conduct artificially inflated Urner Barry's
price quotations. In addition, since many of Defendants' contracts with
retailers base prices in part on Urner Barry's price quotations,
Defendants' conduct also artificially increased the prices paid by
retailers and, ultimately, consumers.

III. Explanation of the Proposed Final Judgments

The relief required by the proposed Final Judgments will remedy the
loss of competition alleged in the Complaint by restricting Defendants'
ability to communicate with competitors regarding bids and prohibiting
Defendants from entering any agreements with competitors on the price,
number, or other terms of bids or transactions. The terms described
below are designed to eliminate Defendants' anticompetitive conduct,
prevent recurrence of the same or similar conduct, and establish robust
antitrust compliance programs.\3\
---------------------------------------------------------------------------

\3\ There are minor differences among the three (3) proposed
Final Judgments because each was negotiated with a different
Defendant. For example, because Defendant Versova is organized as a
cooperative, its Final Judgment's definition of ``Member Commercial
Associations'' (which includes certain cooperatives) was tailored to
account for this status. In addition, the proposed Final Judgment
for Hickman's requires its reporting requirements under Paragraphs
V.A.1 and VI.C.1 to be made by its Chief Financial Officer, rather
than its general counsel, because Hickman's has represented that it
does not employ a general counsel.
---------------------------------------------------------------------------

A. Prohibitions Regarding Competitor Communications and Agreements

Section IV.A of the proposed Final Judgments prohibits Defendants
from communicating or discussing with competitors certain information
relating to bidding, including specific bidding strategies and the
prices, timing, and number of bids. Section IV.A also prohibits
Defendants from communicating with competitors about certain
information that Defendants or competitors report to benchmark
publications,\4\ including Urner Barry.
---------------------------------------------------------------------------

\4\ ``Benchmark publication'' means any publication containing
price quotations, benchmarks, indices, or market updates for eggs,
including the daily quotations and reports published by Urner Barry,
the USDA Agricultural Marketing Service Egg Market News Reports, and
any successor publications.
---------------------------------------------------------------------------

Section IV.B prohibits Defendants from agreeing with their
competitors regarding the number, pricing, or terms of bids or
transactions submitted by Defendants or any competitor.
The proposed Final Judgments allow for four (4) narrow exceptions
to the prohibition of Defendants communicating with competitors
regarding specific bidding strategies and the prices, timing, and
number of bids. First, Paragraph IV.A permits Defendants to communicate
with competitors--and, if necessary, brokers acting as intermediaries--
regarding the price, number, or terms of a specific transaction if that
transaction is solely between the Defendant and the competitor (and, if
applicable, the broker or brokers) to buy or sell eggs. Second,
Paragraph IV.A permits Defendants to communicate with competitors (and,
if necessary, a broker or brokers) regarding the price, number, or
terms of an agreement to co-package eggs so long as the co-packaging
agreement is solely between the Defendant and that competitor (and, if
applicable, the broker or brokers). Third, Paragraph IV.A permits
Defendants to make general statements in an earnings call or public
filing regarding their past bids or bidding strategies, as long as
those statements do not include current or forward-looking information
about the prices, timing, or number of bids, or bidding strategies.
Fourth, Paragraph IV.A permits each Defendant to communicate with any
benchmark publication, such as Urner Barry, about their respective bids
and transactions.
Additionally, the proposed Final Judgments include five exceptions
applicable to both Paragraph IV.A's restrictions on communications with
competitors and Paragraph IV.B's restrictions on agreements with
competitors. First, Paragraph IV.C

[[Page 51243]]

permits Defendants to communicate, discuss, negotiate, and agree with a
competitor to buy and sell eggs if that purchase or sale is solely
between the Defendant and that competitor. Second, Paragraph IV.C
allows Defendants to agree with a person that is not a competitor to
buy eggs from or sell eggs to that competitor, if those acquisitions or
sales are based on legitimate business needs. Third, Paragraph IV.C
permits each Defendant to communicate, discuss, negotiate, or agree
with a cooperative or other commercial association of which it is a
member regarding the bids and transactions of that commercial
association so long as each Defendant does not communicate, discuss,
negotiate, or agree with competitors that are members or owners of that
commercial association regarding the current or future bids or
transactions of Defendants or competitors. Fourth, Paragraph IV.C
allows Defendants to communicate, discuss, negotiate, or agree with any
person who purchases substantially more eggs than that person produces
about bids or transactions by Defendants to acquire eggs for the
benefit of that person. Fifth, Paragraph IV.C expressly notes that
nothing in Section IV prohibits conduct other than as enumerated in
Section IV.
Section IV includes restrictions on communications that Defendants
can have with commercial associations, such as cooperatives, and the
other members of those associations. These restrictions limit the
ability of Defendants to coordinate to inflate benchmark publications
through communications with cooperatives and other commercial
associations and their members. As described in the Complaint, some of
Defendants' coordination involved co-conspirator Cooperative A, a
cooperative that Defendants, or farms they managed, were members of
during most of the relevant time period.

B. Other Prohibited Conduct

Section V.B of the proposed Final Judgments prohibits Defendants
from communicating with competitors or commercial associations
regarding bids or transactions that are intended to affect benchmark
publications or that are not based on legitimate business needs.
Section V.C of the proposed Final Judgments further prohibits
Defendants from encouraging, inducing, influencing, soliciting,
advising, agreeing with, or assisting any competitor or commercial
association to submit bids or execute transactions that are intended to
affect benchmark publications or that are not based on legitimate
business needs.
To ensure Defendants' compliance with the proposed Final Judgments,
Section V.A requires each Defendant to provide the United States and
the Plaintiff States a bi-annual (i.e., twice a year) certification,
made under penalty of perjury, that the Defendant did not communicate
with any competitor or commercial association regarding bids or
transactions that the Defendant knows were not based on legitimate
business needs. Section V likewise requires each Defendant to provide
the United States and the Plaintiff States bi-annual, written
explanations, made under penalty of perjury, for each deleted bid
(except for bids deleted because the Defendant acquired the necessary
eggs through other transactions). The proposed Final Judgments require
Defendants to continue to provide bi-annual certifications and written
explanations for a period of five (5) years. These provisions enable
the Department of Justice and the Plaintiff States to monitor
Defendants' bids and transactions and prevent harm to competition.

C. Compliance Terms

Section VI of the proposed Final Judgments requires Defendants to
submit a written antitrust compliance policy to the United States and
the Plaintiff States and designate an antitrust compliance officer to
conduct annual training, engage in compliance audits, and monitor
meetings of commercial associations of which Defendants are members and
which are reasonably anticipated to include discussion of the supply
and demand or marketing of eggs.
Paragraph VI.C requires Defendants to submit an annual
certification that they have established and maintained the antitrust
compliance policy and annual training and that they complied with the
requirements in Sections IV and V of the proposed Final Judgments.
Paragraph VI.C further requires Defendants to submit a certification
attesting that they have, among other things, taken reasonable steps to
comply with Sections IV and V of the proposed Final Judgments,
performed the bi-annual audits to ensure compliance with Sections IV
and V, and that the antitrust compliance officer has attended or
monitored through reports from outside antitrust counsel all commercial
association meetings in which the supply and demand or marketing of
eggs (including bidding) is reasonably anticipated to be discussed.
Paragraph VI.D requires Defendants to notify the United States and the
Plaintiff States if, during a defendant's commercial association
meetings, any participant engages in conduct, including communications,
prohibited by Sections IV and V. Paragraph VI.E requires each Defendant
to submit to the United States and the Plaintiff States a detailed
written description and documentation, among other things, of any
commercial association that the Defendant joins prior to the expiration
of the proposed Final Judgment. Finally, Paragraph VI.F requires each
Defendant to provide a written copy of the Final Judgment to any
commercial association of which it is or later becomes a member with a
request that the commercial association share the copy of the Final
Judgment with its members.
To facilitate monitoring compliance with the proposed Final
Judgments, Section VII requires that Defendants must make available to
the United States and the Plaintiff States, upon written request,
access to books, records, data, and documents in their possession,
custody, or control relating to any matters contained in the proposed
Final Judgments. Defendants must also permit the United States and the
Plaintiff States to interview, either informally or on the record,
their officers, employees, or agents relating to any matters contained
in the proposed Final Judgments. In addition, Defendants must, upon
written request, prepare written reports or respond to written
interrogatories, under oath if requested, relating to any of the
matters contained in the proposed Final Judgments.

D. Other Provisions

The proposed Final Judgments also contain provisions designed to
promote compliance with and make enforcement of the Final Judgments as
effective as possible.
Paragraph XI.A provides that the United States--and, in certain
circumstances, Plaintiff States \5\--retains and reserves all rights to
enforce the Final Judgments, including the right to seek an order of
contempt from the Court. Under the terms of this paragraph, Defendants
have agreed that in any civil contempt action, any motion to show
cause, or any similar action brought by the United States or a
Plaintiff State regarding an alleged violation of any of the Final
Judgments, the United States or Plaintiff State may establish a
violation and the appropriateness of any remedy by a preponderance of
the evidence and that Defendants have waived any argument

[[Page 51244]]

that a different standard of proof should apply. This provision aligns
the standard for compliance with the Final Judgments with the standard
of proof that applies to the underlying offense that the Final
Judgments address.
---------------------------------------------------------------------------

\5\ Each Plaintiff State retains enforcement authority with
respect to actions by any Defendant that impact egg sales in the
Plaintiff State.
---------------------------------------------------------------------------

Paragraph XI.B provides additional clarification regarding the
interpretation of the provisions of the proposed Final Judgments. This
Paragraph provides that Defendants may be held in contempt for failing
to comply with any provision of the proposed Final Judgments that is
stated specifically and in reasonable detail, regardless of whether the
provision is clear and unambiguous on its face, and that the proposed
Final Judgments should not be construed against either party as the
drafter.
Paragraph XI.C provides that if the Court finds in an enforcement
proceeding that a Defendant has violated the Final Judgment, the United
States may apply to the Court for an extension of the Final Judgment,
together with such other relief as may be appropriate. In addition, to
compensate American taxpayers for any costs associated with
investigating and enforcing violations of the Final Judgment, Paragraph
XI.C provides that, in any successful effort by the United States or a
Plaintiff State to enforce the Final Judgment against the Defendant,
whether litigated or resolved before litigation, such Defendant must
reimburse the United States or Plaintiff State for attorneys' fees,
experts' fees, and other costs incurred in connection with that effort
to enforce the Final Judgment, including the investigation of the
potential violation.
Paragraph XI.D states that the United States may file an action
against Defendants for violating the Final Judgments for up to four (4)
years after the Final Judgments have expired. This provision is meant
to address circumstances such as when evidence that a violation of a
Final Judgment occurred during the term of the Final Judgment is not
discovered until after the Final Judgment has expired or when there is
not sufficient time for the United States to complete an investigation
of an alleged violation until after the Final Judgment has expired.
This provision, therefore, makes clear that, for four (4) years after
the Final Judgments have expired, the United States may still challenge
a violation that occurred during the term of the Final Judgments.
Finally, Section XII of the proposed Final Judgments provides that
the Final Judgments will expire five (5) years from the date of their
entry, except that after four (4) years from the date of their entry,
the Final Judgments may be terminated upon motion by the United States
to the Court and notice by the United States to Plaintiff States and
Defendants that continuation of the Final Judgments are no longer
necessary or in the public interest.

IV. Remedies Available to Potential Private Plaintiffs

Section 4 of the Clayton Act, 15 U.S.C. 15, provides that any
person who has been injured as a result of conduct prohibited by the
antitrust laws may bring suit in federal court to recover three times
the damages the person has suffered, as well as costs and reasonable
attorneys' fees. Entry of the proposed Final Judgments neither impairs
nor assists the bringing of any private antitrust damage action. Under
the provisions of Section 5(a) of the Clayton Act, 15 U.S.C. 16(a), the
proposed Final Judgments have no prima facie effect in any subsequent
private lawsuit that may be brought against Defendants.

V. Procedures Available for Modification of the Proposed Final
Judgments

The United States, Plaintiff States, and Defendants have stipulated
that the proposed Final Judgments may be entered by the Court after
compliance with the provisions of the APPA, provided that the United
States has not withdrawn its consent. The APPA conditions entry upon
the Court's determination that each proposed Final Judgment is in the
public interest.
The APPA provides a period of at least 60 days preceding the
effective date of each proposed Final Judgment within which any person
may submit to the United States written comments regarding each
proposed Final Judgment. Any person who wishes to comment should do so
within 60 days of the date of publication of this Competitive Impact
Statement in the Federal Register, or within 60 days of the first date
of publication in a newspaper of the summary of this Competitive Impact
Statement, whichever is later. All comments received during this period
will be considered by the U.S. Department of Justice, which remains
free to withdraw its consent to each proposed Final Judgment at any
time before the Court's entry of the Final Judgment. The comments and
the response of the United States will be filed with the Court. In
addition, the comments and the United States' responses will be
published in the Federal Register unless the Court agrees that the
United States instead may publish them on the U.S. Department of
Justice, Antitrust Division's internet website.
Written comments should be submitted in English to: Zachary
Trotter, Acting Chief, Chicago Office, Antitrust Division, United
States Department of Justice, 209 South LaSalle Street, Suite 600,
Chicago, IL 60604.
The proposed Final Judgments provide that the Court retains
jurisdiction over this action, and the parties may apply to the Court
for any order necessary or appropriate for the modification,
interpretation, or enforcement of the Final Judgments.

VI. Alternatives to the Proposed Final Judgments

As an alternative to the proposed Final Judgments, the United
States considered a full trial on the merits against Defendants. The
United States could have continued the litigation and brought the case
to trial. The United States is satisfied, however, that the relief
required by the proposed Final Judgments will remedy the
anticompetitive effects alleged in the Complaint, preserving
competition in the egg industry. Thus, the proposed Final Judgments
achieve all or substantially all of the relief the United States would
have obtained through litigation but avoid the time, expense, and
uncertainty of a full trial on the merits.

VII. Standard of Review Under the APPA for the Proposed Final Judgments

Under the Clayton Act and APPA, proposed Final Judgments, or
``consent decrees,'' in antitrust cases brought by the United States
are subject to a 60-day comment period, after which the Court shall
determine whether entry of the proposed Final Judgment ``is in the
public interest.'' 15 U.S.C. 16(e)(1). In making that determination,
the Court, in accordance with the statute as amended in 2004, is
required to consider:

(A) the competitive impact of such judgment, including
termination of alleged violations, provisions for enforcement and
modification, duration of relief sought, anticipated effects of
alternative remedies actually considered, whether its terms are
ambiguous, and any other competitive considerations bearing upon the
adequacy of such judgment that the court deems necessary to a
determination of whether the consent judgment is in the public
interest; and
(B) the impact of entry of such judgment upon competition in the
relevant market or markets, upon the public generally and
individuals alleging specific injury from the violations set forth
in the complaint including consideration of the public benefit, if
any, to be derived from a determination of the issues at trial.

[[Page 51245]]

15 U.S.C. 16(e)(1)(A) & (B). In considering these statutory
factors, the Court's inquiry is necessarily a limited one as the
government is entitled to ``broad discretion to settle with the
defendant within the reaches of the public interest.'' United States v.
Microsoft Corp., 56 F.3d 1448, 1461 (D.C. Cir. 1995); United States v.
U.S. Airways Grp., Inc., 38 F. Supp. 3d 69, 75 (D.D.C. 2014)
(explaining that the ``court's inquiry is limited'' in Tunney Act
settlements); United States v. InBev N.V./S.A., No. 08-1965 (JR), 2009
U.S. Dist. LEXIS 84787, at *3 (D.D.C. Aug. 11, 2009) (noting that a
court's review of a proposed Final Judgment is limited and only
inquires ``into whether the government's determination that the
proposed remedies will cure the antitrust violations alleged in the
complaint was reasonable, and whether the mechanisms to enforce the
final judgment are clear and manageable'').
As the U.S. Court of Appeals for the District of Columbia Circuit
has held, under the APPA, a court considers, among other things, the
relationship between the remedy secured and the specific allegations in
the government's Complaint, whether the proposed Final Judgment is
sufficiently clear, whether its enforcement mechanisms are sufficient,
and whether it may positively harm third parties. See Microsoft, 56
F.3d at 1458-62. With respect to the adequacy of the relief secured by
the proposed Final Judgment, a court may not ``make de novo
determination of facts and issues.'' United States v. W. Elec. Co., 993
F.2d 1572, 1577 (D.C. Cir. 1993) (quotation marks omitted); see also
Microsoft, 56 F.3d at 1460-62; United States v. Alcoa, Inc., 152 F.
Supp. 2d 37, 40 (D.D.C. 2001); United States v. Enova Corp., 107 F.
Supp. 2d 10, 16 (D.D.C. 2000); InBev, 2009 U.S. Dist. LEXIS 84787, at
*3. Instead, ``[t]he balancing of competing social and political
interests affected by a proposed antitrust decree must be left, in the
first instance, to the discretion of the Attorney General.'' W. Elec.
Co., 993 F.2d at 1577 (quotation marks omitted). ``The court should
also bear in mind the flexibility of the public interest inquiry: the
court's function is not to determine whether the resulting array of
rights and liabilities is the one that will best serve society, but
only to confirm that the resulting settlement is within the reaches of
the public interest.'' Microsoft, 56 F.3d at 1460 (quotation marks
omitted); see also United States v. Deutsche Telekom AG, No. 19-2232
(TJK), 2020 WL 1873555, at *7 (D.D.C. Apr. 14, 2020). More demanding
requirements would ``have enormous practical consequences for the
government's ability to negotiate future settlements,'' contrary to
congressional intent. Microsoft, 56 F.3d at 1456. ``The Tunney Act was
not intended to create a disincentive to the use of the consent
decree.'' Id.
The United States' predictions about the efficacy of the remedy are
to be afforded deference by the Court. See, e.g., Id. at 1461
(recognizing courts should give ``due respect to the Justice
Department's . . . view of the nature of its case''); United States v.
Iron Mountain, Inc., 217 F. Supp. 3d 146, 152-53 (D.D.C. 2016) (``In
evaluating objections to settlement agreements under the Tunney Act, a
court must be mindful that [t]he government need not prove that the
settlements will perfectly remedy the alleged antitrust harms[;] it
need only provide a factual basis for concluding that the settlements
are reasonably adequate remedies for the alleged harms.'' (internal
citations omitted)); United States v. Republic Servs., Inc., 723 F.
Supp. 2d 157, 160 (D.D.C. 2010) (noting ``the deferential review to
which the government's proposed remedy is accorded''); United States v.
Archer-Daniels-Midland Co., 272 F. Supp. 2d 1, 6 (D.D.C. 2003) (``A
district court must accord due respect to the government's prediction
as to the effect of proposed remedies, its perception of the market
structure, and its view of the nature of the case.''). The ultimate
question is whether ``the remedies [obtained by the Final Judgment are]
so inconsonant with the allegations charged as to fall outside of the
`reaches of the public interest.''' Microsoft, 56 F.3d at 1461 (quoting
W. Elec. Co., 900 F.2d at 309).
Moreover, the Court's role under the APPA is limited to reviewing
the remedy in relationship to the violations that the United States has
alleged in its Complaint and does not authorize the Court to
``construct [its] own hypothetical case and then evaluate the decree
against that case.'' Microsoft, 56 F.3d at 1459; see also U.S. Airways,
38 F. Supp. 3d at 75 (noting that the court must simply determine
whether there is a factual foundation for the government's decisions
such that its conclusions regarding the proposed settlements are
reasonable); InBev, 2009 U.S. Dist. LEXIS 84787, at *20 (``[T]he
`public interest' is not to be measured by comparing the violations
alleged in the complaint against those the court believes could have,
or even should have, been alleged''). Because the ``court's authority
to review the decree depends entirely on the government's exercising
its prosecutorial discretion by bringing a case in the first place,''
it follows that ``the court is only authorized to review the decree
itself,'' and not to ``effectively redraft the complaint'' to inquire
into other matters that the United States did not pursue. Microsoft, 56
F.3d at 1459-60.
In its 2004 amendments to the APPA, Congress made clear its intent
to preserve the practical benefits of using judgments proposed by the
United States in antitrust enforcement, Public Law 108-237 Sec. 221,
and added the unambiguous instruction that ``[n]othing in this section
shall be construed to require the court to conduct an evidentiary
hearing or to require the court to permit anyone to intervene.'' 15
U.S.C. 16(e)(2); see also U.S. Airways, 38 F. Supp. 3d at 76
(indicating that a court is not required to hold an evidentiary hearing
or to permit intervenors as part of its review under the Tunney Act).
This language explicitly wrote into the statute what Congress intended
when it first enacted the Tunney Act in 1974. As Senator Tunney
explained: ``[t]he court is nowhere compelled to go to trial or to
engage in extended proceedings which might have the effect of vitiating
the benefits of prompt and less costly settlement through the consent
decree process.'' 119 Cong. Rec. 24,598 (1973) (statement of Sen.
Tunney). ``A court can make its public interest determination based on
the competitive impact statement and response to public comments
alone.'' U.S. Airways, 38 F. Supp. 3d at 76 (citing Enova Corp., 107 F.
Supp. 2d at 17).

VIII. Determinative Documents

There are no determinative materials or documents within the
meaning of the APPA that were considered by the United States in
formulating the proposed Final Judgments.

Dated: August 4, 2026.

Respectfully submitted,

For Plaintiff United States of America:

Stanley E. Woodward, Jr.,
Associate Attorney General.

Nicole A. Sarrine,
Deputy Assistant Attorney General.

Jared T. Bond,
Acting Deputy Director of Civil Enforcement.

Mark H.M. Sosnowsky,
Acting Deputy Director of Litigation.

Jeffrey Vernon,
Senior Litigation Counsel.

Nicholas D. Niemiec,
Anthony E. Maneiro,
Trial Attorneys,United States Department of Justice, Antitrust
Division, 450 Fifth Street NW, Washington, DC 20530, (202) 367-6424,
<a href="/cdn-cgi/l/email-protection#c58fa0a3a3b7a0bceb93a0b7abaaab85b0b6a1aaafeba2aab3">[email&#160;protected]</a>.

[FR Doc. 2026-16112 Filed 8-6-26; 8:45 am]
BILLING CODE 4410-11-P

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