Judge Grants Preliminary Approval for $24.5 Million Settlement in JBS Antitrust Suit
A federal judge in Minnesota has granted preliminary approval to the $24.5 million settlement against JBS SA, proposed by pork wholesalers who brought a class action suit over an alleged industry-wide price fixing scheme, reports Bloomberg Law.
The deal, approved by Judge John R. Tunheim, resolves claims brought by direct purchasers but not parallel retailer and consumer allegations, which had been consolidated with them by the Minnesota District Court.
It also includes a pledge by JBS to cooperate against other pork processors named as defendants in the suit, Bloomberg Law says. Class counsel has not yet requested attorneys’ fees in relation to the agreement.
In his decision, Judge Tunheim wrote that the deal, which was reached through “arm’s length negotiations by highly experienced counsel with the assistance of an experienced and nationally renowned mediator,” appears “fair, reasonable, adequate, and in the best interests of the settlement class.”
This approval decision comes about three months after Judge Tunheim allowed the lawsuit to proceed. It claims that the country’s top pork producers fixed prices for years through secret data exchanges and coordinated public statements about the need for herd cutbacks, Bloomberg Law says.
Aside from JBS, the suit also names affiliates of Tyson Foods Inc., Hormel Foods Corp., Clemens Food Group LLC, Seaboard Foods LLC, Smithfield Foods Inc., Triumph Foods Inc., and Agri Stats Inc., an industry database subsidiary of Eli Lilly & Co.
Related:
JBS Pork Antitrust Lawsuit Plaintiffs Seek $24.5 Million Settlement
