Two of the largest U.S. cattle producers plan to pay $87.5 million to settle claims they worked together to raise beef prices.
According to the establishment of the government websiteTyson Foods and Cargill have agreed to settle claims brought by consumers who purchased certain beef products in error.
The lawsuit alleges that several food giants, including JBS, Cargill, National Beef and Tyson Foods, entered into an agreement to share the market and stop competing in the market.
As mentioned on the official website,
“The purpose and effect of this agreement was to increase their margins and increase the prices that buyers pay for cattle.”
Tyson Foods, Inc. and Tyson Fresh Meats, Inc. agreed to pay $55 million, while Cargill, Inc. and Cargill Meat Solutions Corporation agreed to pay $32.5 million, bringing the total to $87.5 million.
The target group includes individuals and organizations that accidentally purchased fresh or dried meat for consumption between August 1, 2014 and December 31, 2019.
Eligible beef products include chuck, loin, ribs or round cuts that are purchased from supermarkets or supermarkets in the states and territories.
The court did not rule that Tyson or Cargill did anything wrong, and the companies deny all allegations of wrongdoing.
The deadline for the decision is June 30, 2026. A hearing to approve the settlement is expected to take place on May 26, 2026 in the US Supreme Court for the District of Minnesota.
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