Feb 3 (Reuters) - JBS has agreed to pay $83.5

million to settle antitrust claims that it conspired with other

meat-packing companies to curb supply in the U.S. beef market to

artificially inflate prices.

Ranchers and other plaintiffs disclosed their proposed

settlement with the Brazilian company and its U.S. units on

Friday in federal court in Minnesota.

The settlement requires a judge's approval.

The lawsuit filed in 2019 alleged JBS and other meat

producers conspired to fix beef prices, in violation of U.S.

antitrust law. JBS denied any wrongdoing in agreeing to settle.

JBS in a statement called the claims "frivolous and without

merit" and said settling was in the best interest of the

company. The lead plaintiffs' attorneys declined to comment.

The proposed settlement would resolve claims from two

groups: producers that sold cattle to JBS for slaughter between

2015 and 2020, and individuals and others who held certain

positions in live cattle futures traded on the Chicago

Mercantile Exchange.

The plaintiffs' lawyers estimated thousands of members in

each of the two groups.

In their request for court approval, the plaintiffs called

the settlement "substantively fair, providing substantial relief

for all class members that submit valid claims."

The terms require JBS to cooperate with the plaintiffs as

they pursue related claims against remaining defendants Tyson

Foods ( TSN ), Cargill and National Beef.

The three defendants did not immediately respond to requests

for comment.

The settlement is the third for JBS, which earlier agreed to

pay a combined $78 million to so-called direct purchasers and

other buyers to settle their price-fixing claims in the

litigation.

The plaintiffs' attorneys said they would seek a legal fee

award of up to $27.8 million from the latest settlement fund.

The case is In Re Cattle and Beef Antitrust Litigation, U.S.

District Court, District of Minnesota, No.

0:22-md-03031-JRT-JFD.

For plaintiffs: David Scott, Amanda Lawrence and Patrick

McGahan of Scott + Scott Attorneys at Law; and Ellen

Meriwhether, Jennifer Sprengel and Daniel Herrera of Cafferty

Clobes Meriwether & Sprengel

For JBS: Sami Rashid and Mike Bonano of Quinn Emanuel

Urquhart & Sullivan

Read more:

Tyson, JBS to pay $127 million to resolve workers'

wage-fixing lawsuit

JBS to pay $25 mln in latest beef price-fixing settlement in

US court

JBS reaches 'icebreaker' settlement of beef price-fixing

claims