Home » Economy » JBS to pay a $20 million settlement for price-fixing pork
JBS to pay a $20 million settlement for price-fixing pork
FOX Business Flash top headlines for September 20
Check out what’s clicking on FoxBusiness.com
JBS has agreed to pay $20 million to settle a lawsuit with consumers that accused the giant meat producer of conspiring with other meat companies to inflate the price of pork.
The latest meat-industry settlement will likely reinforce concerns that the White House, members of Congress and trade groups have raised about how the lack of competition in the industry affects prices.
A federal judge in Minnesota approved the settlement of the price-fixing lawsuit last week. But the judge also ruled that nearly $7 million of the settlement will go to the plaintiffs' lawyers for their work in the case.
DROUGHT FORCES FARMERS TO SCALE BACK AND OTHERS TO FOLD AS ECONOMISTS WARN OF PRICE HIKES
The pork lawsuit is one of several price-fixing lawsuits making their way through the courts. Meat producers have also been accused of inflating beef and chicken prices, and several multimillion-dollar settlements have been announced in those cases.
Previously, JBS agreed to pay restaurants and caterers $12.75 million as part of a different settlement in this pork lawsuit, and Smithfield Foods agreed to pay two different groups of pork purchasers $83 million and $42 million in two different settlements in the case.
Despite the settlements, meat companies have defended their pricing practices.