JBS Settles for $83.5M, Claims No Wrongdoing

JBS is making it rain again… in another antitrust settlement. 

How did we get here? In 2019, a lawsuit was filed by R-CALF, the National Farmers Union, and four fed cattle producers alleging JBS, Cargill, National Beef, and Tyson conspired to fix beef prices. This is a direct violation of U.S. antitrust law. JBS denied any wrongdoing in its agreement to settle.

“Frivolous and without merit” is what JBS had to say about the claims. 

No small sum: JBS has agreed to pay $83.5M, while also providing specific documents and assistance in prosecution for the other three defendants. 

Soundbite: “We’re pleased to have reached this settlement with JBS, and we look forward to prosecuting our claims against the remaining defendants.” — Bill Bullard, R-CALF CEO

It’s unclear who will benefit from the payout (and by how much), as eligible cattlemen haven’t been named yet. 

Don’t forget to pay the lawyers: Scott+Scott Attorneys at Law LLP and Cafferty Clobes Meriwether and Sprengel LLP are asking for a third of the settlement, plus an additional $8.5M in expenses and $3.5M set aside for future litigation costs.

Background: This is the third settlement for JBS. The company has already paid $78M to “direct purchasers and other buyers” to settle their price-fixing claims.