A federal district judge has declined to approve a jury’s US$1.28bn judgement in a high-profile price-fixing case against US beef processor Tyson.
Go deeper with GlobalData
US District Judge Lyle E Strom said the judgement’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 judgement on that verdict.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
