“Deeply Disturbing": NCBA stunned after JBS settles price-fixing lawsuit
The ag sector is reacting to a story we brought to you yesterday about a major meatpacker working out a settlement with beef buyers.
They filed a price-fixing lawsuit against JBS and other packing giants, and JBS says that it will settle with the plaintiffs for more than $50 million dollars.
NCBA, which is holding its annual convention right now, said that it was stunned to learn of the settlement and called it “deeply disturbing.”
The group says that it has been waiting for two and a half years on a review from the Justice Department, and it is time they get an update, now that packers are trying to settle civil cases.
Members also formally opposed a bill in Congress to require mandatory cash trades on the market. It is expected to be ratified by the board later today.
Our own Tammi Arender spoke with NCBA’s Trade Chief at the convention.