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News 328 views last update:6 Aug 2012

Ridley settles in BSE class action lawsuits

Ridley Inc. has reached a settlement agreement with the plaintiffs in the BSE class action lawsuits filed against Ridley and the Government of Canada in four provinces of Canada.

Claims were filed in April 2005 against Ridley and the Government of Canada for losses allegedly incurred by Canadian cattle farmers as a result of international bans on trade in Canadian beef following the May 2003 diagnosis of BSE in an Alberta cow.

It was agreed upon that Ridley will pay CAD $6 million (€ 4.07m) into a plaintiffs' settlement trust fund and will effectively cap its exposure to the claims made by the plaintiffs to the $6 million. However, Ridley will remain a participant in the ongoing litigation as plaintiffs continue their claim against the Government of Canada.

President and CEO of Ridely, Steve VanRoekel said that despite the settlement "Ridley makes no admission of liability or wrongdoing in the matter and we will continue to contest any allegation we were responsible for the plaintiffs' damages."
"At all times Ridley fully complied with applicable laws and regulations and good sense in the manufacturing and labelling of our products," VanRoekel continued. "Nonetheless, we are pleased to resolve this so that we can focus on continuing to manufacture high-quality animal nutrition products and grow our business."

Ridley Inc., headquartered in Mankato, Minnesota and Winnipeg, Manitoba, is one of North America's leading commercial animal nutrition companies.

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