Walt Disney Company paid Beef Products Incorporated a settlement of at least $177 million as result of a defamation lawsuit filed against ABC News over the network’s coverage of their lean finely textured beef product. That’s according to a third-quarter financial report released by Disney on Tuesday. Iowa Cattlemen’s Association President Mike Cline says the settlement and the precedent it sets are good news for the beef industry.

In their reports, ABC News termed lean finely textured beef as “pink slime”, which caused many retailers and consumers to halt purchases of ground beef containing the product. Cline says consumers can be assured that when they purchase and consume LFTB they’re getting a safe product.

He says the initial reports of LFTB as “pink slime” never should have happened.

BPI, based in Dakota Dunes, South Dakota, had sought $1.2 billion in damages in the suit. They alleged that ABC News coverage of their product led to the downfall of the company’s business, forced the closure of processing plants and caused lost markets and jobs.