Beef price-fixing scandal in Canada leaves customers with a bitter taste
JBS and National Beef have agreed to a multi-million dollar settlement following allegations of price-fixing in the Canadian beef market.Summary
Major suppliers JBS and National Beef Packing Company have agreed to a proposed $8-million class-action lawsuit settlement following allegations of conspiring to artificially inflate beef prices across Canada. While JBS has agreed to pay nearly $7.5 million and National Beef will pay $495,000, the companies maintain that the settlement is intended to avoid the costs of prolonged litigation rather than an admission of guilt.
The scandal has significantly impacted retailers like Toronto's Ellas Meat Market, where owners report shrinking margins due to soaring beef costs. While the settlement offers potential compensation for individual consumers and small meat markets, restaurants are excluded from participating. The specific amount individual Canadians can expect to receive remains undetermined, as the court is expected to approve the registration and payment process in the coming months.
(Source：Bnn Bloomberg)