Investors sue South Dakota over failed beef plant investment
The Cattle Business Weekly
Thirty-five foreign investors who sunk a collective $18.5 million into a failed South Dakota beef processing plant sued the state on Dec. 2, alleging that officials misrepresented that the project was financially sound. The investors’ lawsuit claims that Northern Beef Packers in Aberdeen did not have adequate financing to generate revenue or support additional financing and was already plagued by years of delays. It seeks to recover the $18.5 million invested into the plant.