The National Cattlemen’s Beef Association is dissatisfied with a court settlement struck by JBS in a class-action lawsuit against the country’s four largest meatpackers.
According to DTN, the court lawsuit and $52.5 million settlement entail price-fixing and the four meatpackers limiting the quantity of fed cattle.
The NCBA is curious about the status of the industry’s request for a government probe into beef markets, which was submitted in 2019. They want the Justice Department to communicate with them more openly.
Senator Chuck Grassley of Iowa, a co-author of the Cattle Price Discovery and Transparency Act, considers the compensation “a drop in the bucket” in comparison to JBS’s record earnings under COVID-19.
Grassley said, “The settlement supports what cattle ranchers have been telling me when they attempt to receive a fair price in the marketplace.” “It’s long past time for the Big Four’s price-fixing methods to come to a stop.”
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