Woo, pig sue…y.
JBS is back in court to settle a price-fixing case dealing with consumers—an un-porcine-ite event for them.
Emptying the piggy bank: In 2021, JBS reached a $24.5M agreement that went to direct purchasers, and this year, they added $20M to their tab in another case. They’ve paid more than $57M to settle the squeals of pork price-fixing allegations. AKA: inflating the price of pork.
Don’t go bacon my heart: While your bacon prices were higher, there’s no way to know how much consumers will be seeing of the litigation money. Most of it is going to court and lawyer fees, including nearly $7M to the plaintiffs’ lawyers.
What JBS is saying: Despite all this, JBS and other meat companies defend their pricing practices. Or at least they don’t admit to any wrongdoing.
Pending Porcine: The case is still proceeding against other defendants named: Clemens Food Group, The Clemens Family Corporation, Hormel Foods Corporation, Seaboard Foods, Smithfield Foods, Triumph Foods, Tyson Foods, Tyson Prepared Foods, Tyson Fresh Meats, and Agri Stats
D.C. Debates: This settlement, among many others (for beef and chicken, too), likely tells the White House and Congress they have merit in their concerns about the lack of competition in the industry and how that impacts prices.
Biden has set aside $1B to help build and grow independent slaughterhouses.