Cattlemen win $1.28B lawsuit against Tyson

? A federal court jury granted $1.28 billion Tuesday to a group of cattlemen after finding that the nation’s largest beef packer, Tyson Fresh Meats Inc., had manipulated cattle prices.

Attorneys for Tyson Fresh Meats said they planned to appeal the class action verdict.

Cattlemen from across the country filed a lawsuit in 1996 against Tyson, known then as IBP Inc., claiming the company used contracts with a select few beef producers to create a captive supply of cattle.

The plaintiffs said Tyson relied on this captive supply when cattle prices were high and entered the cash market for cattle only when prices were low — thereby depressing cattle prices.

“This verdict represents an extraordinary day for cattlemen in this country,” said the cattlemen’s attorney, Randy Beard, of Guntersville, Ala.

Tyson attorney Thomas C. Green, however, said there are “a lot of problems” with the jury’s decision.

“In my view, it’s incompatible and inconsistent with the evidence,” Green said.