Like a pressure valve releasing years of legal steam, Tyson Foods $82.5 million settlement has emerged in a sweeping antitrust fight accusing the meat giant of helping drive up U.S. beef prices by tightening supply.
The proposed class-action settlement was disclosed Wednesday in filings before the U.S. District Court for the District of Minnesota, where grocers and other businesses have accused Tyson of conspiring with competitors to inflate beef prices nationwide.
Allegations of Supply Manipulation
The lawsuit alleges that Tyson and several other major beef producers coordinated to restrict supply and boost prices for retail-ready cuts, also known as edible boxed beef, between 2015 and 2022.
Plaintiffs include grocery stores, food distributors and other businesses that purchased beef products directly from Tyson. Among them are Pennsylvania-based Redner’s Markets and Mississippi-based R&D Marketing.
Attorneys for the plaintiffs said in court filings that they are finalizing a settlement agreement to submit to a judge for approval.
