Trident Seafoods and APICDA Joint Ventures, a subsidiary of the Aleutian Pribilof Island Community Development Association, have announced the resolution of differences over a lawsuit stemming from Trident’s purchase of majority interest in APICDA’s seafood plant at False Pass in April, 2018.
In a joint statement issued on Monday, Oct. 4, Trident and APICDA said they had resolved their primary differences and now look forward to working to strengthen a longstanding relationship and finding new ways to work together. No details were provided involving settlement of the lawsuit, which was filed in the U.S. District Court for the Western District of Washington on April 18, 2020.
Trident CEO Joe Bundrant said that his company has long valued its partnership with APICDA, that they have many areas of common interest, and appreciate the opportunity to continue working with APICDA on efforts that support their business, fishermen and local communities.
Luke Fanning, chief executive officer of APICDA, said that the APICDA Joint Ventures looks forward to rebuilding its relationship with Trident as they focus on mutual goals.
APICDA had sold 75% interest in its False Pass seafood processing plant to Trident in April of 2018 and the two parties had agreed to expand False Pass Seafoods, with Trident budgeting $6 million for the work and APICDA to pay 25% of that cost. But according to the lawsuit Trident then spent $14.4 million on the project and wanted APICDA to pay 25% of that cost.
APICDA Joint Ventures is the primary holding company for for-profit operations of APICDA, a nonprofit dedicated to strengthening the fisheries-based economies of six remote villages in the Aleutian-Pribilof Islands region of Alaska.