Article: JBS Offers Eateries $13M In New ‘Ice-Breaker’ Pork Settlement

Article - Media, Publications

JBS Offers Eateries $13M In New ‘Ice-Breaker’ Pork Settlement

Bryan Koenig, 16 April 2021

JBS USA Food Co. has settled with more plaintiffs in litigation accusing meat-processing giants of scheming to inflate pork prices, with commercial and institutional indirect buyers asking a Minnesota federal judge to preliminarily greenlight a $12.75 million deal.

This would be the first settlement these plaintiffs, which include a number of restaurant chains, have reached with meatpackers. JBS has already cut multimillion-dollar deals with direct buyers and consumer indirect purchasers, both of which similarly called their settlements “ice-breakers” that, like Thursday’s agreement, come with promises to help with ongoing claims against other pork producers such as Clemens, Hormel, Tyson and Smithfield.  

In their motion for preliminary approval Thursday, the commercial and institutional buyers, which include Longhorn’s Steakhouse, defined the settlement class as anyone who indirectly bought pork from the defendants “during the settlement class period for their own business use in commercial food preparation” based on a class period starting in 2009. Continue reading “Article: JBS Offers Eateries $13M In New ‘Ice-Breaker’ Pork Settlement”

Article: Guebert: ‘Price fixing’ settlements need big fix

Article - Media, Publications

Guebert: ‘Price fixing’ settlements need big fix

Alan Guebert, 04 April 2021

In a too-common story in American agriculture, Archer Daniels Midland last month agreed to pay farmers $45 million to settle what the March 13 Wall Street Journal described as “price-fixing allegations leveled at its peanut processing division.”

While $45 million is, indeed, peanuts to ADM, this isn’t the first time the Chicago-based company has faced market manipulation charges. In the late 1990s, ADM spent years and millions on criminal and civil price-fixing settlements. But ADM isn’t the only ag master of the universe to settle recent civil lawsuits over alleged market irregularities. Continue reading “Article: Guebert: ‘Price fixing’ settlements need big fix”