Organization for Competitive Markets
P.O. Box 6486
Lincoln, NE 68506
Date: September 29, 2004
FOR IMMEDIATE RELEASE
Contact: John Lockie, 402.817.4443
OCM: U.S. Bank Withdraws From Brief Supporting Tyson
Lincoln, NE ~ The Organization for Competitive Markets (OCM) announced today that U.S. Bank National Association (U.S. Bank) has withdrawn from an amicus curiae brief supporting Tyson Fresh Meats (formerly IBP) in the historic Pickett v. Tyson Fresh Meats trial. “U.S. Bank has determined, as a matter of business policy, to be neutral in this dispute because it has customers with incompatible interests in the outcome of this appeal,” said the U.S. Bank notice to the court. The withdrawal is on the OCM website under "Pickett v. Tyson Appellate Briefs."
The case is pending appeal before the 11th Circuit U.S. Court of Appeals after the trial court threw out a February 17, 2004 jury verdict awarding plaintiff cattlemen $1.28 billion in damages. The jury found that Tyson had manipulated fed cattle markets through its use of captive supply contracts. Oral argument is scheduled for January 10, 2005.
OCM joined 50 academics, farm, ranch and rural organizations in a friend of the court brief supporting the Plaintiff Cattlemen. But several banks filed a similar brief in favor of Tyson on July 27, 2004. Those banks included American State Bank and Trust, FCS Commercial Finance Group (a Farm Credit System member), Harris Trust and Savings Bank, Rabobank International, US. AgBank FCB (another Farm Credit System member) and U.S. Bank. U.S. Bank has now withdrawn its support.
“I don’t know how any bank can support price manipulation in the marketplace,” said Keith Mudd, OCM president. “Every bank that signed the pro-Tyson, pro-price manipulation brief has customers that are damaged by artificially low prices. Every independent producer customer of those remaining banks should call their lending officer in protest for supporting the demise of competitive markets in agriculture.”
U.S. Bank is a subsidiary of U.S. Bancorp, which, with over 2200 offices in 24 states, is the eighth largest financial services holding company in America. U.S. Bank provides a comprehensive line of financial services to consumers, businesses and institutions offering agricultural loans, including short-term lines of credit for the production of crops and livestock.
“We think that the Appeals Court will view the withdrawal of U.S. Bank as more significant than its signing on the friend of the court brief,” continued Mudd. “We are confident that the Eleventh Circuit Court of Appeals will reinstate the jury’s verdict.”
The Organization for Competitive Markets (OCM) is a multidisciplinary, nonprofit group of farmers, ranchers, academics, attorneys and policy makers dedicated to reclaiming the agricultural marketplace for independent farmers, ranchers and rural communities. OCM helps lead the Cattlemen’s Competitive Market Project which is a voluntary contribution program funding the effort to increase demand for U.S. cattle and beef in open and competitive markets.