JBS paid millions over price-fixing conspiracy complaint

JBS has agreed to pay US$ 83.5 million to settle antitrust allegations that it conspired with other meat companies (Tyson Foods, Cargill, and National Beef) to restrict beef supplies in the U.S. market, thereby artificially inflating prices. Ranchers and other plaintiffs disclosed the proposed settlement with the Brazilian company and its U.S. units in a federal court in Minnesota. The settlement must be approved by a judge.

The lawsuit, filed in 2019, alleged that JBS and other beef processors conspired to fix meat prices in violation of U.S. antitrust law.

In agreeing to the settlement, JBS denied any wrongdoing. In a statement, JBS called the allegations “frivolous and without merit,” saying the settlement was in the best interests of the company. Lawyers for the lead plaintiffs declined to comment, according to Forbes.

The proposed agreement would resolve the claims of two groups: producers who sold cattle to JBS for slaughter between 2015 and 2020, and individuals or entities that held certain cattle futures positions traded on the Chicago Mercantile Exchange.