Several Northwest Iowa investors are among the plaintiffs in a Minnesota civil lawsuit alleging mismanagement, improper asset transfers, and retaliation involving US 212 Beef and related business entities. The lawsuit, filed in Minnesota district court, names multiple corporate defendants and individual officers and directors. The case remains ongoing.
Court records show the lawsuit was filed in December 2023 by Brian Lillie, numerous individual investors, and Best Beef Ventures LLC against US 212 Beef Corporation, Minnesota Property Holdings LLC, and several affiliated companies and individuals.
According to the complaint, multiple plaintiffs reside in or are connected to Northwest Iowa communities, including Sibley, Sanborn, Paullina, and Rock Valley. The filing alleges that certain controlling members and directors engaged in conduct that harmed minority owners, including approving capital calls that diluted ownership interests and transferring company assets to newly formed or affiliated entities…