Tyson Foods settles U.S. beef price-fixing lawsuit for $82.5 million

Washington | Reuters — Tyson Foods has agreed to pay $82.5 million (C$113.3 million) to settle a proposed class-action lawsuit introduced by grocers and different companies that accused the meat and poultry large of conspiring to inflate U.S. beef costs by proscribing provide.

The proposed settlement within the federal lawsuit was disclosed on Wednesday within the U.S. District Courtroom for the District of Minnesota.

Legal professionals for the plaintiffs — grocery shops, meals distributors and different companies that purchased beef merchandise straight from Tyson — stated within the submitting that they’re engaged on a ultimate settlement settlement to current to a decide for approval.

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Tyson, and the attorneys for the meat purchasers didn’t instantly reply to requests for remark.

The patrons had accused Tyson and a number of other different main beef producers of conspiring to cost inflated costs for retail sale-ready shopper cuts or edible boxed beef between 2015 and 2022.

The plaintiffs embrace Pennsylvania-based Redner’s Markets and Mississippi-based R&D Advertising.

Legal professionals for the plaintiffs estimated 1000’s of so-called direct purchasers are a part of the proposed class.

The Tyson accord is the second for the direct purchasers, after JBS USA agreed to pay $52.5 million. The corporate denied any wrongdoing in agreeing to the deal, which was authorised by a decide in 2022.

Tyson and JBS are the 2 largest defendants. Two remaining defendants, Cargill and Nationwide Beef, didn’t instantly reply to requests for remark.

Arkansas-based Tyson, the most important U.S. meat firm, settled associated price-fixing claims from shoppers within the beef litigation for $55 million.

Tyson additionally individually agreed this yr to pay $85 million to settle a proposed shopper class-action accusing it of conspiring with rivals to inflate pork costs.