Cargill, Tyson to jointly pay $87.5 million to consumers alleging beef price-fixing
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Wayzata-based Cargill agreed to pay $32.5 million and Tyson Foods will pay $55 million to settle a class-action lawsuit alleging the two companies fixed U.S. beef prices.
The plaintiffs accused the companies in a 2019 lawsuit of inflating their beef prices by purposefully withholding supply.
Both Cargill and Tyson deny wrongdoing. The plaintiffs are still pursuing price-fixing claims against the remaining defendants in the lawsuit, JBS USA and National Beef Packing.
Reuters reports there could be about 36 million eligible class members who purchased beef products from major retailers between August 2014 and December 2019.
Earlier this year, Cargill settled a separate lawsuit accusing the company of fixing its turkey prices.
Cargill and Tyson’s joint settlements remain to be approved by a federal judge.
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