The confidential settlement reached on June 28 between Beef Products Inc., and Disney-owned ABC News is not entirely a secret anymore.
The report filed Tuesday by Walt Disney Co. does not specifically mention that the settlement is related to the BPI case, but it was the only settlement Disney disclosed in its quarterly earnings report for the three-month period ended June 30, two days after the BPI settlement was reached. The figure is not directly linked to the “pink slime” case, but the BPI litigation is the only one Disney specifies in the report. ABC News and reporter Jim Avila. Judge Cheryle Gering had set aside eight weeks for the trial.
Because a food libel law in South Dakota, where BPI is headquartered, calls for triple damages to be paid by those found guilty of misleading consumers about the safety of food products, ABC News faced the possibility of a roughly $6 billion payment.
A legal settlement between ABC and a South Dakota meat producer in a defamation lawsuit over the network’s reports on a beef product that critics dubbed “pink slime” exceeded $177 million, an attorney for the producer said Wednesday.
A microbiologist formerly with the US Department of Agriculture is credited with having coined the term “pink slime”.
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After the reports aired, some grocery store chains said they would stop carrying ground beef that contained the product. Revenues for the company dropped by 80%.
However, the full financials terms of the settlement were likely much larger. However, a BPI spokesman told FOX Business at the time that company officials were “extraordinarily pleased” with the settlement.
“ABC made us an offer that we just could not refuse”, Roth said. They had been making offers, but they were nowhere they needed to be. “It was enough money for us that we felt vindication”.
The future for BPI includes new products, possibly reopening plants in Kansas and Texas, and offering former employees financial assistance.
