A proposed $8-million settlement has been reached between several major meat producers and Canadian law firms over allegations of price-fixing in the beef industry.

Companies including JBS USA, Swift Beef, JBS Packerland, JBS Canada, and National Beef have agreed to pay the settlement, though it does not constitute an admission of wrongdoing.

The lawsuit, filed in 2022, alleges that these companies conspired to control beef prices and supply by secretly coordinating to reduce slaughter volumes and manage production.This has led to significant price increases for consumers, with prime rib costs doubling and striploin prices rising from $21.94/kg in 2017 to $35.30/kg in 2026.While the companies blame factors like inflation and tariffs for rising costs, the settlement aims to provide compensation to affected consumers.

Distribution industry representatives have not confirmed how the funds will be distributed, with hearings scheduled for September in British Columbia and December in Quebec.Similar class-action settlements have occurred in the past, such as the $500-million deal related to bread price-fixing by Loblaw Cos.Ltd.