R-CALF, National Farmers Union, and four fed cattle producers have recently made a significant stride towards justice by seeking preliminary approval of an $83.5 million class action settlement with JBS. This landmark settlement comes after the producer groups filed an antitrust suit against JBS, Tyson, Cargill, and National Beef in April 2019, with the Federal District Court for the District of Minnesota. The agreement, announced on Jan. 31, marks the first of its kind to be reached in the case.
Bill Bullard, CEO of R-CALF, expressed satisfaction in reaching the settlement with JBS while emphasizing their commitment to pursuing claims against the remaining defendants, Tyson, Cargill, and National Beef. The proposed agreement includes an $83.5 million cash payment, along with the provision of certain documents and assistance in prosecuting the remaining three defendants.
It is important to note that the settlement does not constitute an admission of liability on the part of JBS, as the company continues to deny any wrongdoing. A spokesperson from JBS clarified, stating that the agreement was entered into to settle with the largest outstanding class, known as the “Cattle Class,” in the In re Cattle and Beef antitrust litigation. The company emphasized that this decision was made in its best interest, and reiterated its commitment to vigorously defending its interests against the remaining plaintiffs.
The class covered by the settlement encompasses US producers who sold fed cattle for slaughter to JBS, Tyson, Cargill, and/or National Beef between June 1, 2015, and Feb. 29, 2020. Additionally, it includes those who held a long position in live cattle futures traded on the CME before June 1, 2015, and subsequently liquidated the long position through offsetting market transactions before Nov. 1, 2016.
This settlement represents a significant milestone in the pursuit of justice for fed cattle producers who have been impacted by alleged anticompetitive practices in the industry. It underscores the dedication of R-CALF, National Farmers Union, and the four fed cattle producers to hold accountable those responsible for any wrongdoing.
Moving forward, the parties involved in the settlement will seek preliminary approval from the court to proceed with the terms outlined in the agreement. The $83.5 million cash payment, along with the provision of documents and assistance in prosecuting the remaining defendants, will play a crucial role in ensuring that justice is served for the affected producers.
As the legal proceedings continue, it is imperative for all parties involved to uphold the principles of fairness, transparency, and accountability. The settlement with JBS sets a positive precedent for future actions against anticompetitive practices in the industry, sending a clear message that such behavior will not be tolerated.
In conclusion, the proposed $83.5 million class action settlement with JBS marks a significant step towards justice for fed cattle producers affected by alleged antitrust violations. The commitment of R-CALF, National Farmers Union, and the four fed cattle producers to pursue accountability and restitution is commendable, and serves as a beacon of hope for others in similar situations. As the legal process unfolds, it is essential to prioritize the interests of those impacted and ensure that all parties involved are held accountable for their actions.
