JBS SA is about to settle the third and final phase of legal proceedings in which it was accused of fixing the price of pork.
The settlementof nearly $13 million would go to retailers and foodservice trade customers allegedly hurt by the actions of JBS and other defendants. JBS has already settled separately with plaintiffs representing consumers and distributors. Added to the latest settlement, the total price tag for JBS comes to about $57 million. A federal judge in Minnesota has given tentative approval to all three settlements.
The cases stem from JBS’s alleged role in conspiring with other major pork processors to restrict supply and prop up prices. JBS has reportedly agreed to cooperate with prosecutors against those other players, who include Tyson Foods, Hormel Foods, Smithfield Foods and others.
