JBS SA will pay nearly US$13 million to resolve a proposed pork price-fixing class action led by restaurants and retailers, the last plaintiffs with live claims against the meatpacking giant after deals with wholesalers and consumers worth US$45 million, according Bloomberg Law.
The settlement, docketed Thursday, April 15, in the US District Court for the District of Minnesota, is the third eight-figure agreement reached by JBS, which has agreed to escape wholesaler allegations for US$24.5 million and consumer claims for US$20 million.
Those deals have gotten tentative approval from Judge John R. Tunheim. If he approves the “commercial and institutional indirect purchaser” agreement, it will end litigation over the role JBS played in an alleged industry wide scheme to raise prices through coordinated statements and secret data exchanges.
The total price tag for JBS will come to US$57 million. The company has also pledged to cooperate against Tyson Foods, Hormel Foods Corp., Clemens Family, Seabord, and Smithfield Foods. The meatpackers, including JBS, allegedly control 80% of the wholesale pork market.
The consolidated antitrust lawsuit, filed in 2018, is part of a wave of cartel cases involving livestock and protein, including chicken, beef, turkey, tuna, salmon, and eggs. Tuna and chicken executives are facing actual or potential prison time in connection with the price-fixing allegations.
The pork suit accuses the meatpackers of coordinating on price by publicly touting the need for herd cutbacks and laundering secret information through proprietary databases published by Agri Stats, which is also named as a defendant.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
T-Mobile’s Acquisition of Ka’ena Corporation Receives FCC Approval
Apr 26, 2024 by
CPI
UK Regulator Announces Two New Senior Executive Appointments
Apr 26, 2024 by
CPI
Paramount Global and Skydance Media Near Merger Deal, Eyeing CEO Change
Apr 26, 2024 by
CPI
BHP Unveils £31bn Mining Megamerger Proposal with Anglo American
Apr 25, 2024 by
nhoch@pymnts.com
ByteDance Prefers Shutdown Over Sale of TikTok Amid US Ban Threats
Apr 25, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI