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Home News JBS Agrees To $83.5 Million Settlement In Beef Price-Fixing Case

JBS Agrees To $83.5 Million Settlement In Beef Price-Fixing Case

by Celia

JBS Agrees to $83.5 Million Settlement Over Beef Price-Fixing Allegations

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JBS, a leading meatpacking company, has agreed to pay $83.5 million to settle claims that it conspired with other meatpackers to limit beef supply and artificially inflate prices in the U.S. market.

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The settlement, announced on Friday in federal court in Minnesota, requires judicial approval. It aims to resolve claims from two groups:

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Producers who sold cattle to JBS for slaughter between 2015 and 2020.

Individuals and entities who held certain positions in live cattle futures traded on the Chicago Mercantile Exchange.

Plaintiffs’ attorneys estimate that thousands are eligible in each group. They describe the settlement as “substantively fair, providing substantial relief for all class members that submit valid claims.”

JBS denies any wrongdoing but views the settlement as in the company’s best interest. The company has previously agreed to pay a combined $78 million to settle similar claims with direct purchasers and other buyers.

The settlement also requires JBS to cooperate with plaintiffs pursuing related claims against Tyson Foods, Cargill, and National Beef. The three defendants have not yet responded to requests for comment.

Plaintiffs’ attorneys plan to seek up to $27.8 million in legal fees from the settlement fund. The case is In Re Cattle and Beef Antitrust Litigation, U.S. District Court, District of Minnesota, No. 0:22-md-03031-JRT-JFD.

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