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No payment likely in BSE suit
Feed producer Ridley Inc., says insurers unlikely to pay damages
WINNIPEG, Manitoba Ridley Inc., a major livestock nutrition company based in Winnipeg, Manitoba, and Mankato, Minn., says its insurers are unlikely to pay damages in its mad cow lawsuit.
The company says it has reviewing its insurance position and believes that "there is little prospect of any of the insurers responding favorably."
Some insurers have reserved their position, while others say their policies do not respond to the claims or the legal costs incurred, the company says.
Ridley is a co-defendant in proposed class action lawsuits filed in four provinces by cattle farmers who seek compensation for losses allegedly incurred as a result bans on Canadian beef and cattle after a cow in Alberta was diagnosed with BSE in 2003.
The Canadian government and Ridley's majority shareholder, Ridley Corporation Ltd. in Australia, also are co-defendants.
Ridley says it will continue to fund its defence costs from operating cash flow and may also, if necessary, take action against the relevant insurers.
The company is waiting for the courts to hear a motion to dismiss the actions against it, set for November.
Feed producer Ridley Inc., says insurers unlikely to pay damages
WINNIPEG, Manitoba Ridley Inc., a major livestock nutrition company based in Winnipeg, Manitoba, and Mankato, Minn., says its insurers are unlikely to pay damages in its mad cow lawsuit.
The company says it has reviewing its insurance position and believes that "there is little prospect of any of the insurers responding favorably."
Some insurers have reserved their position, while others say their policies do not respond to the claims or the legal costs incurred, the company says.
Ridley is a co-defendant in proposed class action lawsuits filed in four provinces by cattle farmers who seek compensation for losses allegedly incurred as a result bans on Canadian beef and cattle after a cow in Alberta was diagnosed with BSE in 2003.
The Canadian government and Ridley's majority shareholder, Ridley Corporation Ltd. in Australia, also are co-defendants.
Ridley says it will continue to fund its defence costs from operating cash flow and may also, if necessary, take action against the relevant insurers.
The company is waiting for the courts to hear a motion to dismiss the actions against it, set for November.
