Disney filing reveals details of BPI-ABC settlement
There's a dollar figure we can now attach to the BPI-ABC News settlement. It is at least $177 million.
In a report filed by ABC's owner, Disney, with the Securities and Exchange Commission, the report reads that Disney paid $177 million "in connection with the settlement of litigation."
In a statement sent to KTIV by BPI, the company's attorney, Dan Webb writes:
"As Disney disclosed, $177 million is not the total settlement amount. Based on Disney's disclosure, it appears that Disney is funding $177 million of the settlement and its insurers are paying the rest."
The form reported to the SEC says Disney is working with their insurers to help pay all, or part, of the $177 million indicated on the form.
This all started in 2012 when ABC News repeatedly used a two-word derogatory term to refer to BPI's signature product, "lean finely textured beef."
BPI claims that term defamed the product, and the company.
BPI seeked at least $1.9 billion before the lawsuit went to civil court in Elk Point, SD.
The two parties settled three weeks into a projected eight-week trial.