Latest news with #Montana-based
Yahoo
2 days ago
- Business
- Yahoo
Class action lawsuit touching Montana beef industry sees $83 million settlement from JBS Foods
A USDA employee at work at Cargill Meat Solutions is pictured in Friona, Texas, on Sept. 20, 2022. (USDA Photo /Preston Keres) An $83 million settlement in a large class action lawsuit led in part by a Montana nonprofit against JBS Foods and other meat processing companies is accepting claims from cattle producers. The lawsuit alleged price fixing among four companies that control almost 85% of the meat processing industry in the country — including JBS Foods, a U.S. subsidiary of a Brazilian firm. The lawsuit also names Tyson Foods, Cargill and National Beef. In court documents, JBS denied wrongdoing. 'JBS denies Cattle Plaintiffs' allegations, denies any and all wrongdoing in connection with the facts and claims that have been or could have been alleged against it in the Action, and asserts that it has a number of valid defenses to Cattle Plaintiffs' claims,' a court filing stated. The lawsuit was brought by the Farmers Union and the Ranchers Cattlemen Action Legal Fund United Stockgrowers of America, which is known as RCALF-USA. The legal fund, RCALF-USA, is a Montana-based nonprofit. The legal battle with the companies in the suit is likely not over, said Walt Schweitzer, the president of the Montana Farmers Union. Tyson, Cargill and National Beef have yet to conclude their parts of the suit in court. 'I do anticipate more developments with the other three (defendants), but it's in the court system, and it's anybody's guess how quickly it'll proceed,' Schweitzer said. The suit covers those who sold cattle to JBS Foods and its subsidiaries between June 1, 2015, to Feb. 29, 2020. A website, has been set up to handle the claims, which have to be filed by Sept. 15, 2025. 'We filed this case after witnessing the inexplicable collapse of fed cattle prices beginning in 2015,' R-CALF USA CEO Bill Bullard said in a press release, 'Our case has been working its way through the court for six years now, and we will continue in our effort to recover as much as we can for American cattlemen.' Montana is a beef producing state and there are currently about 1.2 million beef cattle in the state. Including calves, that totals more than 2 million head. Schweitzer said the monopolization of the cattle industry was the biggest issue facing it. 'Price gouging, not just the producers, but the consumers, has been an ongoing issue for really decades, and Farmers Union has facilitated other lawsuits against the big four in the past. This is the farthest we've gotten, as far as settlement and discovery documents,' Schweitzer said. 'So we're getting to the bottom of it, but there's still a lot of discovery left to be made.' The class action lawsuit alleges the defendants 'conspired to fix and suppress' prices of fed cattle, or beef cows that are fed a concentrated diet to add weight before slaughter. Companies like JBS Foods and other meatpackers make their money on the 'meat margin,' or the difference between what they buy the cattle for and what they sell the processed meat for. Because it takes time for cattle to be old and large enough to be slaughtered, the price of meat does not move very fast. 'Beef demand is also relatively insensitive to changes in price (and) the meat margin is very sensitive to changes in aggregate industry slaughter levels,' the complaint states. 'Consequently, Packing Defendants can increase the meat margin, and thus their profitability, by working cooperatively to reduce their respective slaughter volumes, thereby depressing the price of fed cattle.' Using a system of complex contracts, the JBS Foods lawsuit alleges the companies artificially lowered the price of beef. The contract system and the formulas to set the sale price are relatively new, Schweitzer said, noting they were essentially unheard of 40 years ago. The packing companies get most of their meat — about 70% — through contracts at a price to be determined at delivery. Those prices in part come from the 'weekly cash cattle market,' which represents about 25% of beef sales. The contracts are also dated, meaning companies could manipulate the cash price of cattle on days when cattle on contract are brought in to be slaughtered. The companies named in the suit 'cratered' the cash cattle trade, the complaint alleges. 'Defendants used their market power and the relatively small cash cattle trade to their advantage and embarked upon a conspiracy to depress fed cattle prices that began no later than January 2015 and continues through to this day,' the suit alleges. The suit also says the companies let meatpacking plants go idle and that the defendants imported foreign beef cattle, 'after it became uneconomical for them to do so.' Cattle production is big business in America, and more than 2.5 million cows are slaughtered every month, according to the U.S. Department of Agriculture. It takes about 15 to 24 months for a cow to go from birth to slaughter. JBS is also politically active. The company donated $5 million to Trump's inauguration, Forbes reported, far more than Meta, Amazon, Uber and even Nvidia. JBS, the largest meatpacking company in the world, was recently tagged with a $64 million fine in Brazil for raising cattle on illegally deforested land in the Amazon, although it did not admit wrongdoing in the case. The company has been beset by other legal woes and two billionaire shareholders went to jail in Brazil after bribing 1,800 politicians.
The Star
4 days ago
- Business
- The Star
Olympics-LA28 brings on Snowflake as data collaboration provider
FILE PHOTO: The company logo for Snowflake Inc. is displayed on a banner to celebrate the company's IPO at the New York Stock Exchange (NYSE) in New York, U.S., September 16, 2020. REUTERS/Brendan McDermid/File Photo (Reuters) -Data cloud analytics company Snowflake has been appointed the official data collaboration provider for the 2028 Olympic and Paralympic Games in Los Angeles as well as Team USA, the American company said on Tuesday. The Bozeman, Montana-based company said the partnership will enable data collaboration across Olympic and Paralympic Games for critical functions, which include athletes training data and fan engagement. "Snowflake's fully managed platform lets Team USA centralize critical information for sharing and collaboration such as athlete training data, health records, nutrition sources and more, ensuring every competitor has the knowledge and support required to win," it added in a statement. "Team USA can use Snowflake's flexible software architecture to connect and enrich fan data in order to build a complete profile of each fan and then engage with them in a personalized way. "This helps Team USA bring fans closer to the action by delivering interactions that resonate with their interests—whether watching from home, following on social channels or attending events." The Games will take place from July 14-30, 2028, and the Paralympic Games from August 15-27, 2028. "As we progress toward 2028, our capabilities will continue to evolve and the opportunities to collaborate with Snowflake on data collaboration enhancements are paramount," said John Usher, CEO of the U.S. Olympic and Paralympic Properties. "This partnership enables us to scale efficiently and achieve our innovation goals for LA28 and Team USA." (Reporting by Aadi Nair in Bengaluru. Editing by Mark Potter)
Yahoo
4 days ago
- Business
- Yahoo
Olympics-LA28 brings on Snowflake as data collaboration provider
(Reuters) -Data cloud analytics company Snowflake has been appointed the official data collaboration provider for the 2028 Olympic and Paralympic Games in Los Angeles as well as Team USA, the American company said on Tuesday. The Bozeman, Montana-based company said the partnership will enable data collaboration across Olympic and Paralympic Games for critical functions, which include athletes training data and fan engagement. "Snowflake's fully managed platform lets Team USA centralize critical information for sharing and collaboration such as athlete training data, health records, nutrition sources and more, ensuring every competitor has the knowledge and support required to win," it added in a statement. "Team USA can use Snowflake's flexible software architecture to connect and enrich fan data in order to build a complete profile of each fan and then engage with them in a personalized way. "This helps Team USA bring fans closer to the action by delivering interactions that resonate with their interests—whether watching from home, following on social channels or attending events." The Games will take place from July 14-30, 2028, and the Paralympic Games from August 15-27, 2028. "As we progress toward 2028, our capabilities will continue to evolve and the opportunities to collaborate with Snowflake on data collaboration enhancements are paramount," said John Usher, CEO of the U.S. Olympic and Paralympic Properties. "This partnership enables us to scale efficiently and achieve our innovation goals for LA28 and Team USA." Sign in to access your portfolio
Yahoo
16-05-2025
- Business
- Yahoo
Clearwater Credit Union Launches Alkami's Digital Banking Platform Activating Its Member Connection Strategy
Enhancing its digital experience strategy, Clearwater Credit Union deepens member connections with timely insights and intuitive member marketing engagements PLANO, Texas, May 16, 2025 /PRNewswire/ -- Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., announced that Montana-based Clearwater Credit Union (Clearwater) is leveraging the innovation and user experience within Alkami's Digital Banking Platform. This partnership reflects Clearwater's commitment to delivering member-centered interactions and data-driven personalization. Clearwater now delivers a more intuitive and unified digital banking experience across devices—all through a single, scalable digital experience platform. By incorporating Alkami's Data & Marketing Solutions, the credit union also gains powerful tools to create personalized marketing engagements, help their members strengthen their financial wellness, and deliver timely, relevant communications that deepen member relationships. "Alkami's technology allows our marketing team to do what they've long wanted to, connect the dots across data and behavior to deliver meaningful, timely communications to our members," said Deborah Colby, chief marketing officer at Clearwater. "The insights from the transaction data enables us to understand and walk alongside our members through all their life stages, helping them to thrive financially. And given the size and reach of our membership base, we needed a best-in-class digital platform that could serve all our members, regardless of location, since building brick-and-mortar branches in every county isn't feasible. Alkami delivers on that need by providing a digital experience that functions as a top-tier branch, accessible anytime, anywhere." Financial services data analytics is catalyzing the personal experience for account holders - converting financial institution leaders into data-informed, member engagement leaders - where they can anticipate needs and optimize engagements. Clearwater's internal teams are maximizing the impact from the new data capabilities, empowering them with actionable analytics and a more connected understanding of member needs. By integrating Alkami's Platform, the credit union is laying the groundwork for a member engagement strategy that supports long-term relationships. "Clearwater exemplifies how mission-driven financial institutions can harness digital tools to meet the rising expectations for personalization," said Mazen Letayf, vice president, customer lifecycle management and data solutions at Alkami. "It's incredibly rewarding to see how our Platform helps their team operate more strategically, making data not just accessible, but actionable." To learn more about Alkami's Digital Banking Platform, visit here. Alkami has been certified by J.D. Power in 2024 and 2025 for providing "An Outstanding Mobile Banking Platform Experience."[1] About Alkami Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly, and build thriving digital communities. Alkami helps clients transform through retail and business banking, onboarding and account opening, payment security, and data and marketing solutions. To learn more, visit About Clearwater Credit UnionEstablished in 1956, Clearwater Credit Union is a values-based, member-owned financial cooperative committed to using finance to make the world a better place. Clearwater is Montana's largest certified Community Development Financial Institution (CDFI), one of six U.S. credit unions that are members of the Global Alliance for Banking on Values (GABV), and a member of Inclusiv, a CDFI intermediary with a mission to help low- and moderate-income people enhance economic well-being through credit unions. With $1.2 billion in assets and 65,000 members, Clearwater offers individuals and businesses across Western and Central Montana access to banking, loan, mortgage, and financial counseling and education services. Visit to learn more about how Clearwater is a force for good in banking, in the communities it serves, and for its members. Media Relations ContactsVestedalkami@ Marla _____________ 1J.D. Power 2025 Mobile App Platform Certification ProgramSM recognition is based on successful completion of an audit and exceeding a customer experience benchmark through a survey of recent servicing interactions. For more information, visit View original content to download multimedia: SOURCE Alkami Technology, Inc.
San Francisco Chronicle
14-05-2025
- Business
- San Francisco Chronicle
CFN Enterprises: Q1 Earnings Snapshot
WHITEFISH, Mont. (AP) — WHITEFISH, Mont. (AP) — CFN Enterprises Inc. (CNFN) on Wednesday reported a loss of $2.5 million in its first quarter. The Whitefish, Montana-based company said it had a loss of 3 cents per share. The marketing company posted revenue of $5.9 million in the period. _____
