A group of ranchers and cattle producers has reached settlement with JBS USA and will get $83.5 million ($118.6 million Cdn).
The plaintiffs, including Ranchers Cattlemen Action Legal Fund United Stockgrowers of America and several individual producers, filed the motion for preliminary approval. If approved, the settlement would establish a fund to compensate cattle producers who were allegedly harmed by JBS’s conduct.
The agreement covers claims against JBS USA Food Company, Swift Beef Company, JBS Packerland, Inc., and JBS S.A. JBS has not opposed the motion.
The antitrust lawsuit, originally filed in April 2019, alleged that JBS, Tyson Foods, Cargill, and National Beef Packing violated the Sherman Antitrust Act of 1890 by engaging in a price-fixing conspiracy. It also alleged the processors violated the Packers and Stockyards Act as well as the Commodity Exchange Act.
“JBS maintains the claims asserted in the litigation are frivolous and without merit,” the company said. “By entering this agreement, JBS admits no wrongdoing for the claims alleged. This decision is in the best interest of the company, and JBS will continue to vigorously defend its interests against the remaining plaintiffs.”
