JBS to Pay $25M in Latest Beef Price-Fixing Settlement in US Court

JBS SA (JBSS3.SA) has agreed to pay $25 million to commercial beef purchasers that accused the meat-packing company of conspiring with industry rivals to restrict market supply in order to keep prices artificially high.

The proposed settlement in Minnesota federal court was disclosed on Friday from plaintiffs’ lawyers representing a class of businesses that bought beef for food preparation since 2015.

It is the second deal that the Brazilian beef giant and its U.S. units have struck in the case, after they agreed last year to pay $52.5 million to grocers and other plaintiffs that make up the “direct” beef purchaser class.

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