Cardboard Makers Receive Grand Jury Subpoenas
Smurfit Westrock, International Paper and Packaging Corporation of America disclosed the subpoenas in regulatory filings this week.
Updated on Nov. 5, 2026 in Consumer Goods
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The Justice Department has issued grand jury subpoenas to three of the largest U.S. containerboard makers as part of a potential criminal price-fixing investigation. The companies say they are cooperating fully with the probe.
Why it matters
The subpoenas signal that the federal government is pursuing a criminal inquiry into containerboard pricing, following a class-action lawsuit alleging price-fixing since 2020. The outcome could affect pricing and competition across the packaging supply chain.
Three companies received grand jury subpoenas tied to alleged price-fixing that dates to 2020, while PCA paid $1.8 billion last year for Greif's containerboard business. Whether the probe will lead to criminal charges remains unknown.
The players
Smurfit Westrock
A packaging company formed in 2024 through the merger of Smurfit Kappa, based in Ireland, and WestRock, based in Atlanta.
International Paper Co.
A major American paper and packaging manufacturer and one of the largest containerboard producers in the United States.
Packaging Corporation of America
A Lake Forest, Illinois-based containerboard and packaging maker that acquired Greif's containerboard business last year.
The details
The subpoenas were issued in connection with a potential criminal price-fixing investigation being conducted in Chicago federal court, and Smurfit Westrock's filing said the probe focuses on the pricing and sale of containerboard and related products. Defendants in a class-action lawsuit filed last year, including Georgia-Pacific, Greif, Pratt Industries and Cascades, face similar allegations.
Timeline
2020: Alleged price-fixing conspiracy among containerboard makers begins.
2024: Smurfit Westrock is formed through the merger of Smurfit Kappa and WestRock.
Last year: A class-action lawsuit is filed and PCA buys Greif's containerboard business.
This week: The three companies disclose the grand jury subpoenas in regulatory filings.
Market Landscape
Criminal price-fixing cases are prosecuted under the Sherman Antitrust Act of 1890, which treats collusion among competitors as a federal crime. The containerboard probe moves the matter from private civil litigation into that criminal enforcement framework.
Containerboard underpins corrugated boxes used to ship many consumer products, so any finding of price-fixing could influence what shoppers pay for packaged goods. The probe's outcome may take time to determine whether those costs are affected.
The takeaway
Price-fixing inquiries can ripple through supply chains, so businesses that depend on packaging should monitor the case's progress. Consumers may see effects on packaging costs only if the investigation results in findings or settlements.
Further reading
Track more developments in Consumer Goods coverage across the United States.
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