McDonald's sues several meat packing companies, claims they colluded to inflate beef prices [FOX Business Network]
MARFRIG GLBL FOODS S/ADR (MRRTY)
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Source: FOX Business Network
McDonald's is suing multiple meat companies on accusations they colluded to inflate the price of beef specifically. The fast food giant filed a federal complaint Friday against Tyson, JBS, Cargill and National Beef Packing Company, as well as their subsidiaries, alleging the companies engaged in a price-fixing scheme for beef. The meat companies are accused of anticompetitive measures, including collectively limiting supply to raise prices and charging "illegally inflated" amounts, according to The Associated Press The alleged collusion led the beef market to become "a monopoly in which direct purchasers were forced to buy at prices dictated by [the meat packers]," the lawsuit says, adding that the injury it has suffered as one of the buyers is what "antitrust laws were designed to prevent." McDonald's claims that the meat packers began colluding at least as early as January 2015, and that the practice is ongoing. The suit says the meat companies violated a federal antitrust
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