Four of the largest U.S. beef-packing companies were accused in a lawsuit on Tue...
- Four of the largest U.S. beef-packing companies were accused in a lawsuit on Tuesday of violating federal antitrust law by conspiring to drive down prices they paid ranchers for cattle, even as retail beef prices hovered near record levels.
Tyson Foods Inc, Cargill Inc, the JBS USA unit of Brazil’s JBS SA and National Beef Packing Co were accused of colluding since Jan. 2015 to suppress the price of “fed” cattle, which is cattle raised specifically for beef production, with a goal of improving margins and profitability. It resembles litigation in the same court in which companies, including Tyson and JBS, have been accused of conspiring to fix prices of broiler chickens and pork.
The conspiracy “encouraged an apprehension amongst producers that they might not be able to ‘get their cattle dead’” unless prices were cut, and led to an artificial 7.9 percent average reduction in fed cattle prices, the complaint said.
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