BPI Settlement Worth More Than $177 Million
The settlement between Disney, the parent company of ABC News, and BPI, or Beef Products Inc, is worth more than $177 million.
The terms of the settlement agreement are not disclosed. However, last week Disney disclosed a charge of $177 million, “net of committed insurance recoveries,” incurred in connection with the settlement of litigation, during a quarterly finance report.
South Dakota-based BPI sued ABC for $1.9 billion over its 2012 coverage of lean finely textured beef, including its use of the term “pink slime” to describe the product. BPI saw an 80 percent reduction in the company’s business by the time the ABC reports ended. BPI was forced to lay off about 750 workers as it closed production lines in Iowa, Kansas and Texas.
An attorney for BPI told meat industry publication Meatingplace: “As Disney disclosed, $177 million is not the total settlement amount. Based on Disney’s disclosure, it appears that Disney is funding $177 million of the settlement and its insurers are paying the rest.”
Source; NAFB News