$87.5 million beef anti-trust settlement means you could be eligible for payout
You could be entitled to compensation after US beef processors were accused of conspiring to restrict competition and inflate prices for grocery store beef products.
Last September, it was reported that US beef and cattle prices has soared to record highs under the Trump administration.
At the time, residents were being forced to fork out $6.32 per pound of protein, while beef prices were up 13.9 percent year-over-year according to the consumer price index.
In public statements, US President Donald Trump, 79, called beef ‘too expensive’, urging ranchers to lower the prices for their cattle.
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The Agriculture Department confirmed in October that the country's cattle inventory had fallen to its lowest level in nearly 75 years.
"The cattle herd has been getting smaller for the last several years, yet people are still wanting that American beef - hence the high prices," reasoned Brenda Boetel, a professor of agricultural economics at the University of Wisconsin, River Falls.
Derrell Peel, a professor of agricultural economics at Oklahoma State University, told the BBC that he expected prices to remain elevated until at least the end of the decade.
Now, a number of beef producers are alleged to have been entered unlawful agreements to limit competition and boost prices, according to a lawsuit filed in the US District Court for the District of Minnesota.
The suit reported that BS USA Food Company, Swift Beef Company, JBS Packerland, Inc, Cargill, Inc, Cargill Meat Solutions Corporation, National Beef Packing Company, LLC, Tyson Foods, Inc and Tyson Fresh Meats, Inc are all accused of ‘market allocation coordinated pricing and production decisions’, as per People.
It’s claimed that these allegations, including competition reduction and artificial price increase, took place between 2014 and 2019.
Plaintiffs who indirectly purchased qualifying beef products in various states and the District of Columbia between these years claim retail beef prices for certain primal cuts - chuck, loin, rib and round - were priced higher than they would have been in a competitive market, the suit reads.
The outlet reported that defendants have denied any wrongdoing while the court has not determined whether any of the alleged conduct violated anti-trust laws.
Despite this, two of the beef processors, Cargill and Tyson, have reached proposed settlements with the plaintiffs.
Under the agreements, Tyson is to pay $55 million (£40.8 million), and Cargill will pay $32.5 million (£24.1 million), for a combined total of $87.5 (£64.9) million, according to the documents, first obtained by People.
If you believe you are part of the settlement case, then you can file a claim for a ‘pro-rata cash payment’ now via the Overcharged For Beef website.
These must be submitted digitally by 30 June, or postmarked no later than 30 June.
Claims submitted after the deadline will be deemed untimely and may not be accepted, the site reads.
To qualify for payment, you need to have purchased beef products from a grocery store or a supermarket, and bought them for ‘personal consumption’ between 1 August 2014 and 31 December 2019.
Secondly, you must have bought the outlined meat cuts.
Premium or specialty products, including such as USDA Prime, organic, grass-fed, Wagyu, kosher or halal beef, are not included in the class action suit.
Processed products like ground, seasoned or marinated beef are also excluded.
The final term of eligibility is that you must have bought the meat product in one of 26 states.
These are: Arizona, California, Florida, Illinois, Iowa, Kansas, Massachusetts, Maine, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, New York, North Carolina, North Dakota, and Oregon.
Beef products purchased in Rhode Island, South Dakota, Tennessee, Utah, West Virginia, and Wisconsin, as well as the District of Columbia, are also eligible for the deal.
The remaining defendants have not settled and remain subject to the litigation’s ongoing claims, the suit reported.
Topics: US Food
Ella Scott