The Ring of Fire
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Beef Industry “Mafia” Accused Of Price Fixing Scheme
Posted
May 14, 2019
Views
5,470
Likes
359
Comments
52
Engagement
7.51%
May 14, 2019
5,470
359
52
7.51%
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A recent price-fixing class action claims that Tyson and other meat companies conspired to increase the price of beef. According to the plaintiff, Tyson Foods Inc., Cargill Inc., JBS USA, and National Beef Co. control 70 percent of the beef-packing industry which allows them to manipulate the market to their benefit. The plaintiff references an “industry insider” in his beef price-fixing class action. The insider reportedly told him that the “beef industry is very unique” and that “meat works like the mafia.” All of the meat executives reportedly know each other from their dealings and the companies sell meat to each other during various stages of production. Ring of Fire’s Farron Cousins discusses this with Scott Hardy from Top Class Actions.
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