JBS has agreed to pay $83.5 million to settle antitrust claims that it conspired with other meat-packing companies to curb supply in the U.S. beef market to artificially inflate prices.
Ranchers and other plaintiffs disclosed their proposed settlement with the Brazilian company and its U.S. units on Friday in federal court in Minnesota.
The settlement requires a judge’s approval.
The lawsuit filed in 2019 alleged JBS and other meat producers conspired to fix beef prices, in violation of U.S. antitrust law. JBS denied any wrongdoing in agreeing to settle.
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