Several of the largest meat processors in the US have agreed to pay $87.5 million to settle claims that they schemed to inflate beef prices through unlawful coordination.
Tyson Foods, Inc. and Tyson Fresh Meats, Inc. will contribute $55 million, while Cargill, Inc. and Cargill Meat Solutions Corporation will pay $32.5 million, bringing the total settlement amount to $87.5 million.
The payments are intended to compensate consumers who allegedly paid higher prices for beef products as a result of the conduct outlined in the lawsuit.
The case is an antitrust class action lawsuit that accuses major beef processors, including Tyson, Cargill, JBS, and National Beef, of entering into a market allocation agreement. According to the claims, the companies allegedly coordinated to limit competition with one another, restraining supply and maintaining higher profit margins at the expense of consumers.
Settlement documents state that the alleged agreement involved the processors refraining from competing for market share, which plaintiffs argue had the effect of artificially increasing retail beef prices nationwide.
The companies have denied wrongdoing, but the settlements were reached to avoid the uncertainty and expense of continued litigation.
In addition to the monetary payments, Tyson and Cargill have agreed to provide non-monetary relief, which typically includes cooperation with ongoing litigation and commitments related to compliance practices.
Specific details regarding the non-monetary terms are outlined in court filings associated with the case.
The lawsuit remains ongoing against other defendants who have not yet settled. JBS and National Beef have chosen to proceed through the judicial process.
Customers who purchased beef products during the eligible period may qualify to submit claims for a portion of the settlement funds. The settlement administrator has established a dedicated website to provide information on eligibility, deadlines, and the claims submission process.
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The post US Food Giants Sending $87,500,000 to Customers to Settle Accusations of Scheming and Colluding to Charge Higher Prices appeared first on The Daily Hodl.
