A major U.S. beef processing company is suing ABC News for $1.2 billion — claiming the network’s coverage of a product called “pink slime” has duped consumers into believing it’s unhealthy and unsafe. The company behind the lawsuit is Beef Products Inc. — which claims ABC News made somewhere around 200 “false and misleading and defamatory” statements about the product … which BPI refers to as lean, finely textured beef. Read more after the jump Quay