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Sysco claims beef value fixing collusion

Sysco claims beef value fixing collusion

Sysco claims beef price fixing collusion

HOUSTON — Wholesale restaurant meals distributor Sysco Corp. filed a lawsuit towards the world’s largest meat processors, claiming they colluded to repair beef costs.

Filed on June 24, the criticism accused Tyson Meals Inc., JBS USA, Cargill and Nationwide Beef Packing Co. of manipulating the meat market.

Starting as early as 2015, the meat processors “exploited their market energy on this extremely concentrated market by conspiring to restrict the availability, and repair the costs, of beef bought to Plaintiff within the US wholesale market,” the lawsuit alleged.

A former Swift worker, whose identification stays confidential, confirmed Sysco’s allegations, in response to the court docket paperwork.

The 4 corporations maintain over 80% of the home cattle market, whereas the subsequent largest meat processor holds a 2% to three% share, the lawsuit mentioned.

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The businesses on trial have confronted earlier accusations concerning value fixing.

Since June 2020, the US Division of Justice has been investigating beef-pricing practices relationship again to January 2015, however the DOJ has not but made an official report on its investigation.

JBS paid a $52.3 million settlement in a beef price-fixing case and $12.75 million settlement in a pork price-fixing case, however JBS, Cargill, Nationwide Beef and Tyson deny any allegations of value fixing.

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