Meat & Poultry: JBS to pay $83.5 million in class action settlement
JBS to pay $83.5 million in class action settlement
Source: ©IVAN KMIT – STOCK.ADOBE.COM
02.03.2025
WASHINGTON — R-CALF, National Farmers Union and four fed cattle producers are seeking preliminary approval of a proposed $83.5 million class action settlement with JBS.
In April 2019, the producer groups filed an antitrust suit against JBS, Tyson, Cargill and National Beef with the Federal District Court for the District of Minnesota. The settlement agreement announced on Jan. 31 was the first one reached in the case.
“We’re pleased to have reached this settlement with JBS, and we look forward to prosecuting our claims against the remaining defendants, Tyson, Cargill and National Beef,” said Bill Bullard, chief executive officer of R-CALF.
The proposed agreement includes a $83.5 million cash payment as well as the provision of certain documents and assistance in prosecution of the remaining three defendants.
The settlement is not an admission of liability as JBS continues to deny any wrongdoing.
“JBS has entered into an agreement to settle with the largest outstanding class (the “Cattle Class”) in the In re Cattle and Beef antitrust litigation,” a spokesperson from JBS told MEAT+POULTRY.
“By entering this agreement, JBS admits no wrongdoing for the claims alleged,” the company added. “This decision is in the best interest of the company, and JBS will continue to vigorously defend its interests against the remaining plaintiffs.”
The class covered by the settlement includes US producers who sold fed cattle for slaughter to JBS, Tyson, Cargill and/or National Beef from June 1, 2015, to Feb. 29, 2020, as well as those who held a long position in live cattle futures traded on the CME prior to June 1, 2015, and subsequently liquidated the long position through offsetting market transactions at any point before Nov. 1, 2016.