NEW YORK (TheStreet) -- ConAgra Foods (CAG) was absolved of liability for a 2010 flour mill fire and explosion that resulted in three injuries, according to a federal appeals court ruling.
The ruling overturned much of the $180 million judgement that was levied against the packaged food company, according to Reuters.
In 2012, an Illinois federal jury ruled that the company was responsible for $100 million in punitive damages as well as $77 million in compensatory damages that were to be paid by ConAgra and West Side Salvage, the company ConAgra contracted to save the contents of a wheat pellet silo at a facility.
The three judge panel dismissed the punitive damages judgement while upholding the punitive damage charges against West Side Salvage.
ConAgra shares closed trading flat at $32.46 today.
TheStreet Ratings team rates CONAGRA FOODS INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CONAGRA FOODS INC (CAG) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strongest point has been its a solid financial position based on a variety of debt and liquidity measures that we have looked at. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."