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