Meatpacker JBS has agreed to a $52.5 million settlement in a beef price-fixing lawsuit. According to ABC News, a federal judge reviewed the settlement at a hearing on Thursday, Feb. 3, and will rule on whether to approve it. The suit was filed by grocery stores and wholesalers, who accused JBS and other meatpackers of working together to suppress the number of cattle being slaughtered starting in 2015 to raise the price of beef.
JBS didn't admit any wrongdoing as part of the settlement, and company spokeswoman Nikki Richardson said JBS will continue to defend itself against other plaintiffs in the case, but she said JBS decided the settlement was “in the best interest of the company.”
Dan Gustafson, attorney for the plaintiffs, said that the deal could serve as an “ice-breaker” and lead to additional settlements. Tyson Foods, Cargill and National Beef are also named in the lawsuit.
Source: ABC News