By Scout Nelson
In a pivotal development within the agricultural legal landscape, the National Farmers Union, along with R-CALF USA and four fed cattle producers, has taken a significant step forward in their class-action antitrust lawsuit. This lawsuit, originally filed against major industry players including JBS, Tyson, Cargill, and National Beef in April 2019, has reached a crucial juncture with a proposed $83.5 million settlement with JBS.
Today, the group filed a motion with the Federal District Court for the District of Minnesota, seeking preliminary approval of this substantial settlement. The agreement negotiated by their legal teams from Scott+Scott Attorneys at Law LLP, Cafferty Clobes Meriwether & Sprengel LLP, and Robins Kaplan LLP includes a cash payment and other non-monetary considerations.
These considerations involve the provision of documents and assistance for upcoming trials against the remaining defendants—Tyson, Cargill, and National Beef.
The proposed settlement does not imply an admission of liability by JBS, which continues to deny any wrongdoing. If approved, this preliminary settlement will trigger the dissemination of notice to the affected classes, detailing the settlement terms and outlining how members can claim their portion.
Eligibility for this settlement encompasses various parties, including all U.S. entities that directly sold fed cattle for slaughter to the implicated companies from June 2015 to February 2020, excluding specific contractual agreements. Additionally, it covers those who held and liquidated long positions in live cattle futures prior to November 2016.
This settlement marks a significant milestone in the ongoing legal battle aimed at restoring pricing transparency and competitiveness in the cattle market.
As the legal proceedings continue against the remaining defendants, both the National Farmers Union and R-CALF USA express their commitment to vigorously pursuing justice and fair market practices for family farmers and ranchers across the nation.
Further details about the settlement and eligibility criteria will soon be available on the designated settlement website, ensuring that all affected parties can access the information they need. This case represents a critical moment in the fight for fair practices in the agricultural sector, highlighting the importance of legal and regulatory measures in maintaining market integrity.
Photo Credits:gettyimages-shotbydave
Categories: South Dakota, Government & Policy, Livestock, Beef Cattle