03:53 PM EDT, 04/08/2024 (MT Newswires) -- Hormel Foods ( HRL ) said Monday it agreed to pay $11.75 million to settle claims in class-action suits accusing the company of conspiring to drive up pork prices, though it denied any wrongdoing.

The company said it decided to settle with direct purchasers for almost $4.86 million, consumer indirect purchasers for almost $4.47 million, and commercial and institutional indirect purchasers for almost $2.43 million. The settlements require a final court approval.

The company said it agreed to settle "to avoid the uncertainty, risk, expense and distraction of continued litigation."

"Hormel Foods ( HRL ) strongly denies liability and continues to deny the allegations in each of the class plaintiffs' complaints," according to a company statement. "Hormel Foods ( HRL ) believes it has valid defenses to the class plaintiffs' claims and would have prevailed."

The company said it would continue "vigorously defending against non-class claims not resolved by these three individual class settlements."

Darden Restaurant's (DRI) Longhorn Steakhouse was among the commercial and institutional purchasers, Bloomberg reported.

Hormel shares rose 1.1% in recent trading Monday.

Price: 35.09, Change: +0.39, Percent Change: +1.12