JBS Foods has agreed to pay $83.5 million to settle allegations it conspired with other meat-packers to bring down cattle prices, resolving one part of an ongoing anti-trust lawsuit against the beef industry.

U.S. District Judge John Tunheim in Minnesota must approve the settlement between JBS and R-CALF, the National Farmers Union and four individual producers.

If Tunheim approves the settlement, JBS will deposit the money into a fund to compensate thousands of cattlemen across the country who sold cattle to JBS, Tyson Foods, Cargill or National Beef between June 1, 2015, and Feb. 29, 2020.

JBS spokeswoman Nikki Richardson said in an email Monday the settlement was in the company’s best interest, but it denies any wrongdoing and will continue to defend itself against claims by other plaintiffs.

“JBS maintains the claims asserted in the litigation are frivolous and without merit,” she said.

R-CALF sued JBS, Tyson, Cargill and National Beef in 2019. The cattlemen’s group alleged the four companies conspired to fix cattle and retail beef prices beginning in 2015.

R-CALF’s lawsuit was merged with other suits against the industry into one lawsuit titled In re Cattle and Beef Antitrust Litigation. Other plaintiffs include retail beef buyers.

As part of the proposed settlement, JBS will cooperate as R-CALF and NFU presses claims against the three remaining defendants, using “its best efforts to produce up to three current or former employees to testify at trial,” according to a court document.

“We’re pleased to have reached this settlement with JBS, and we look forward to prosecuting our claims against the remaining defendants,” R-CALF CEO Bill Bullard said in a statement.

Cattlemen eligible for compensation from the class-action lawsuit have not been identified, and it’s unclear how much individual ranchers will receive.

Two law firms, Scott+Scott Attorneys at Law and Cafferty Clobes Meriwether and Sprengel — will seek one-third of the settlement, or $27.83 million, according to court records.

Attorneys also will ask for up to $8.5 million in expenses and to set aside up to $3.5 million for future litigation expenses, according to court records.

Attorneys anticipate 95% of the remaining funds will go to producers who sold cattle to meat-packers.

The other 5% is expected to go to people who traded cattle futures on the Chicago Mercantile Exchange and held a long position before June 1, 2015, and sold before Nov. 1, 2016.

JBS and plaintiffs negotiated the settlement with the help of a mediator, Miles Ruthberg.