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Beef Products Inc. and ABC News have settled their high-profile lawsuit over ABC’s reports that referred to one of BPI’s products as “pink slime.”

In 2012, ABC reported on lean finely textured beef, a product BPI makes containing beef trimmings and ammonium. In its reports, ABC repeatedly used the unflattering term “pink slime” in referring to the product, an act which BPI claimed cost them 80% of their revenues and resulted in employee layoffs and the closure of several processing plants.

BPI subsequently brought a defamation suit against ABC that could have resulted in a multibillion dollar judgment. The case hinged on whether ABC’s report was false–a determination that would never be made, as the case settled while trial was in full-swing.

While the terms of the settlement are confidential, ABC admits no liability and states that it stands by its reports.