Feed manufacturer Ridley Inc. has cleared requirements to make final its out-of-court settlement in a class action lawsuit over BSE in the Canadian cattle herd.
Not enough producers chose to opt out of the settlement so it will stay in place and Ridley will put $6 million into a trust fund for the benefit of the settlement class members as they continue in their class action lawsuit against the federal government.
“I am satisfied that this matter has been largely resolved and the financial implications to Ridley are now behind us,” Steve VanRoekel, president and chief executive of Ridley Inc., said in a news release.
Ridley remains a participant in the ongoing litigation against the federal government, but the settlement payment caps Ridley’s exposure to the claims made by the plaintiffs, who are seeking damages for losses when international markets closed in response to finding BSE in Canada.
