The National Farmers Union, Ranchers-Cattlemen Action Legal Fund (R-CALF) USA and four cattle producers are seeking approval of a proposed $83.5 million class action settlement with JBS.
The settlement includes the $83.5 million cash payment and certain non-monetary considerations, including providing certain documents and assistance in relation to any subsequent trial against remaining defendants Tyson, Cargill and National Beef. JBS has not admitted any wrongdoing with the settlement. The settlement classes include anyone who sold fed cattle to the Big Four from June 2015 to Feb. 29, 2020, other than pursuant to a cost-plus agreement or profit-sharing agreement, or anyone who held a long position in CME Group live cattle futures prior to June 2015 and subsequently liquidated the long position through an offsetting market transaction prior to Nov. 1, 2016.
“We’re pleased to have reached this settlement with JBS and we look forward to prosecuting our claims against the remaining Defendants, Tyson, Cargill and National Beef,” said R-CALF USA CEO Bill Bullard. More details can be found at www.cattleantitrustsettlement.com.
