Ranchers Seek Approval Of $83.5 Million Settlement With JBS In Cattle Antitrust Case

Source: National Farmers Union news release

WASHINGTON – Today, National Farmers Union, alongside ranch group R-CALF USA and four fed cattle producers, who filed a class-action antitrust lawsuit in April 2019 against JBS, Tyson, Cargill, and National Beef, filed a motion with the Federal District Court for the District of Minnesota for preliminary approval of a proposed $83.5 million class action settlement with the JBS defendants.

Through their counsel Scott+Scott Attorneys at Law LLP, Cafferty Clobes Meriwether & Sprengel LLP, and Robins Kaplan LLP, NFU and the other cattle plaintiffs agreed to the proposed settlement, which includes the $83.5 million cash payment and certain non-monetary consideration, including the provision of certain documents, and certain assistance in relation to any subsequent trial against the remaining three Defendants, Tyson, Cargill, and National Beef. The settlement is not an admission of liability by JBS, who continues to deny any wrongdoing.

If the court grants preliminary approval of the proposed settlement, it will order that notice be sent to the settlement classes informing them of the proposed settlement’s details, including how class members can make a claim for their share of the settlement.

The settlement classes covered by the proposed settlement include, subject to certain exclusions and conditions, all persons or entities: a) within the U.S. that directly sold fed cattle for slaughter to Tyson, JBS, Cargill and/or National Beef from June 1, 2015 to February 29, 2020 other than pursuant to a cost-plus agreement and/or a profit sharing agreement; b) who held a long position in live cattle futures traded on the CME prior to June 1, 2015 and subsequently liquidated the long position through an offsetting market transaction at any point prior to November 1, 2016.

More details regarding the settlement, including who may be covered by its terms, will be available shortly on a settlement website: www.cattleantitrustsettlement.com

“We are pleased to have reached a significant milestone in the case with the JBS settlement. We look forward to prosecuting our claims against the remaining Defendants, Tyson, Cargill and National Beef,” said NFU President Rob Larew. “Outside of the litigation, NFU’s work to restore pricing transparency and competitiveness for family farmers and ranchers continues.”