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Judge tosses $1.3B Tyson verdict

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Dover Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-24-04 06:02 PM
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Judge tosses $1.3B Tyson verdict
Judge tosses $1.3B Tyson verdict

MONTGOMERY, Ala. (APOnline) A federal judge threw out a jury's $1.28 billion verdict against the nation's largest beef packer, Tyson Fresh Meats, ruling Friday that it did not illegally manipulate cattle prices.
U.S. Senior District Judge Lyle Strom said the cattlemen who sued the Arkansas-based company failed to produce evidence at trial to support the verdict "with respect to both liability and damages."

Strom granted a motion filed by Tyson, which had denied using its contracts with a select few ranchers to drive down cattle prices for other producers.

Tyson Fresh Meats Inc., the beef division of Tyson Foods (TSN), had asked Strom to throw out the jury's Feb. 17 verdict against the company or grant a new trial. The group of cattlemen suing Tyson wanted the judge to approve the verdict and set a schedule for damage claims and other relief.

Jurors found Tyson used its contracts to create a captive supply of cattle that it used as leverage to drive down the price of cattle on the open, or cash, market. The jury found Tyson's actions depressed the cash market by $1.28 billion from February 1994 to October 2002.

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soleft Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Apr-24-04 06:19 PM
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