Judge says $1.28bn too much in Tyson case

Tyson verdict sparks legislation change

WASHINGTON D.C. – On the heels of a federal jury’s verdict that Tyson Fresh Meats (formerly IBP) used “captive supplies” to manipulate cattle markets, U.S. Representative Earl Pomeroy (D-ND) has introduced a bill in the U.S. House of representatives to prevent future price manipulation.

The Captive Supply Reform Act (H. 4006) would require meat packers and livestock producers to bid against each other to win contracts, and would require a fixed base price in contract and marketing agreements.

A similar measure has already been introduced in the Senate. More information about the Captive Supply Reform Act is available at www.northernplains.org.

March 24, 2004, just-food.com: A federal district judge has overturned a jury’s recommendation that Tyson Foods pay $1.28bn in damages to the victims in its high-profile price-fixing case. US District Judge Lyle E Strom said the judgment’s amount “overstates the defendant’s liability”, reported Dow Jones Business News.

The case had originally been brought against IBP (now known as Tyson Fresh Meats) in 1996 by a small group of cattle producers who alleged the company's cattle-buying practices allowed it to "manipulate and control cattle prices".

Last month, a jury ruled against Tyson and suggested a damages payment of $1.28bn. Judge Strom said the jury’s verdict included damages suffered by producers who were not represented in the case, and therefore the court would not enter a judgment on that verdict.




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