R-CALF USA, alongside National Farmers Union and four cattle producers, have reached a settlement agreement with JBS in an antitrust lawsuit.
The cattle producers filed a class-action antitrust lawsuit in April 2019. Nearly six years later, the parties have agreed to settle, with JBS paying as much as $83.5 million to the plaintiffs.
The amount of the settlement has yet to be approved in federal court in Minnesota.
JBS is a Brazilian multinational company and the largest meat processor in the world, producing beef, chicken, salmon, sheep, pork, and also selling by-products. JBS owns and operates a meatpacking plant in Grand Island.
Lawsuits continue against three other meatpackers — Tyson, Cargill, and National Beef. As part of the settlement, JBS is expected to also provide non-monetary consideration, including certain documents, and certain assistance in relation to any trial against the other packers. R-CALF USA said in announcing the settlement.
JBS continues to deny any wrongdoing and said the settlement is not an admission of liability. The company said it would continue to vigorously defend its interests against other plaintiffs.
If the court grants preliminary approval of the proposed settlement, it will order the settlement classes to be notified of the details, including how to make a claim for a share of the funds.
Cattle producers covered by the proposed settlement include, subject to certain exclusions, are those:
- within the U.S. that directly sold fed cattle for slaughter to Tyson, JBS, Cargill and/or National Beef from June 1, 2015 to Feb. 29, 2020 other than pursuant to a cost-plus agreement and/or a profit sharing agreement.
- 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 an offsetting market transaction at any point prior to Nov. 1, 2016, R-CALF said.
“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,” R-CALF USA CEO Bill Bullard said.
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