According to a July 17 story in the Sioux City Journal, Regina Roth, wife of BPI owner Eldon Roth, told a local rotary club the company was ready to move on from the lawsuit.
The Walt Disney Company's quarterly financial filing with the Securities and Executive Commission (SEC) shows a charge of $177 million "net of committed insurance recoveries", incurred in connection with a litigation settlement. CNN estimates it's on par with a whole year's worth of advertising revenue for World News Tonight. There is no denying that's a lot, but the "at least" is because, as CNN Money explains, it's probably not the full amount to which BPI is entitled.
The beef company sued ABC over a series of 2012 reports in which ABC programs and often reporter Jim Avila disparaged its lean finely texture beef (LFTB) by repeatedly using the description "pink slime".
Through this process, we have again established what we all know to be true about Lean Finely Textured Beef: it is beef, and is safe, wholesome, and nutritious. The networks even took a victory lap when grocery stores stopped utilizing LFTB.
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.
The trial centered around BPI's main product, which was made from beef chunks, including trimmings, as well as ammonium hydroxide to kill E. coli and other bacteria.
BPI filed the lawsuit in response to 11 live broadcasts and 14 online reports in a 30-day stretch starting on March 7, 2012.
The trial started in June in Elk Point, S.D., a town of about 2,000 people located just 20 miles north of BPI's headquarters, a long way from ABC News headquarters in NY. ABC continued to stand by its reporting and at least one of the many videos remains online.
Becker also said, the settlement allowed BPI to move on and "rebuild the business that was taken away from them". "That didn't get lost on the jury".