ConAgra Settles Grain Fraud Charges

ConAgra Inc. will pay $8.3 million to resolve criminal charges that the food processor’s Peavey Grain unit illegally sprayed water on stored grain to increase its weight and value, and bribed federal inspectors. Omaha-based ConAgra had said in January that it was close to a settlement with the departments of U.S Agriculture and Justice. The settlement includes a $4.4-million criminal fine, $3.45 million as compensation for illegal profits and $450,000 to reimburse the USDA for unearned storage payments and investigation expenses. ConAgra shares gained 75 cents to close at $56.75 on NYSE.