WASHINGTON – U.S. Senator Mike Rounds (R-S.D.) issued the following statement after a preliminary settlement was reached earlier this week between Brazilian owned JBS and plaintiffs in the first nationwide antitrust litigation over price fixing in the beef cattle market:
“Four big foreign and domestically owned beef packers control over 80% of our nation’s beef processing and supply which continues to hurt both consumers and producers in South Dakota,” said Rounds. “For years, I’ve been advocating for the Department of Justice (DOJ) to investigate potential anti-trust activities in the beef packing industry. In fact, I’ve sent three letters to the attorney general asking for the DOJ to look into these potential violations. The $52.5 million settlement by JBS further validates these concerns.
“South Dakota farm and ranch families deserve to know what is really happening in the market. Their livelihoods depend on it. This ‘icebreaker’ settlement is a step in the right direction, but there’s still a long ways to go. I look forward to continuing to engage with the DOJ and my colleagues on both sides of the aisle in Congress to hold the Big Packers accountable, as we seek transparency in the marketplace.”