SOUTH SIOUX CITY, Neb. (KCAU) – The South Sioux City Council voted to approve a settlement involving Big Ox Energy.
On Monday, the City Council approved a settlement of 16 lawsuits by homeowners arising out of Big Ox Energy – Siouxland, LCC’s construction and operation in the Roth Industrial Park with a vote of 8 to 0.
“While we believe we had a number of strong defenses and would prevail at trial, the cost to the City to defend the lawsuit outweighs the amount of the settlement. From a financial perspective, the settlement will ultimately save the taxpayers’ money,” said Mayor Rod Koch.
In a statement, the City said they are not admitting liability in the settlement, and it resolves the City’s claims against two of its insurers and an insurance broker.
This settlement doesn’t resolve any separate lawsuit with Big Ox, Wells Fargo, and other lenders. The settlement is waiting for court approval.