Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

JBS Reaches $53 Million Antitrust Settlement in Beef Cartel Case

Feb. 1, 2022, 4:38 PM

JBS SA will pay $52.5 million to exit antitrust litigation led by beef wholesalers over an alleged industrywide price-fixing scheme, becoming the first meatpacker to reach a settlement, according to a federal court filing in Minneapolis.

The “icebreaker” agreement, docketed late Monday, would resolve class action claims brought against the Brazilian meatpacking giant on behalf of “direct purchasers” in the U.S. District Court for the District of Minnesota. The deal also calls for “extensive cooperation” from JBS.

The bulk beef buyers leading the case sought preliminary approval for the pact from Judge John R. Tunheim, saying it represents a “remarkable ...