Tyson Foods and Cargill have agreed to pay a combined $87.5 million ($55M from Tyson, $32.5M from Cargill) to settle a class-action antitrust lawsuit alleging they conspired to inflate beef prices by restricting supply between August 1, 2014, and December 31, 2019. The settlements, which include non-monetary cooperation against remaining defendants, provide compensation for consumers who purchased beef for personal use, with a claim deadline of June 30, 2026.
Key Details of the Settlement:
Settlement Fund: A total of $87.5 million is designated for consumers, covering damages, administration costs, and attorney fees.
Eligibility: Individuals or entities who purchased beef products (fresh or frozen, such as chuck, loin, rib, or round) for personal, family, or household use from specific retailers between Aug. 1, 2014, and Dec. 31, 2019.
States Covered: The class action includes 26 "Repealer Jurisdictions" (e.g., California, Florida, Illinois, New York, Texas).
Denial of Wrongdoing: Both companies deny all allegations of wrongdoing, and the court has not ruled that they violated any laws.
Remaining Defendants: The lawsuit continues against JBS USA and National Beef Packing Company.
Background and Claims:
The lawsuit accused the major meatpackers of working together to restrict the supply of cattle and raise beef prices, thereby increasing their own profit margins. This is part of a broader series of antitrust litigations, including similar claims regarding pork and turkey, according to MPR News and Agriculture Dive.
For more information, visit the official case website: www.overchargedforbeef.com.
