Update: ‘Pink Slime’ Defamation Suit Against ABC

Mar 28, 2014

A South Dakota judged denied to throw out a defamation lawsuit against ABC News for its coverage of the meat product known as lean–finely-textured-beef, which has been dubbed by some as “pink slime.”

The company Beef Products Inc. sued the network in 2012 for $1.2 billion in damages. They are claiming that ABC’s coverage prompted the closure of three of its plants by misleading consumers that the beef was unsafe by referring to it as “pink slime.”

ABC’s defense team argue that the network did make mention that the U.S. Food and Drug Administration has classified this product as safe to eat. This was allegedly said in each of its broadcasts on the topic.

The judge ruled that the television network is not protected against liability because it mentioned that the product was safe to eat.

The ruling was a preliminary motion to dismiss. The next step is starting discovery and ultimately presenting the case to a jury.

Video: U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again

The market was hoping for a US-China trade deal, but we got a trade “truce” for now from the keenly awaited Trump-Xi meeting at the APEC Summit.
China commits to minimum purchase commitments of 12 MMT of U.S. soybeans during the “current season” and a minimum of 25 MMT annually through 2028.
U.S. Treasury Sec Bessent said other Asian countries have agreed to buy additional 19 MMT of US soybean.
Soybean futures trading above $11 now- they normally tend to rally to $12.
As expected, US Fed cuts interest rates by -0.25% again in October to 3.75%–4.00%. No further cuts promised for this year but trade looking out to the Dec FOMC.
The Bank of Canada cut interest rates to 2.25% but raised concern over trade war damage.
Soy meal futures, remarkably, have had 14 consecutive higher close sessions. A bull market in soybeans is a bull market in soy meal!
Cattle futures lower as funds unwind out of cattle for now due to Trump headlines and objective to lower beef prices.
All major stock indices climb to new record highs. It was Mag 7 reporting week, which had mixed results. But we now have the first $5 trillion company in Nvidia!