Livestock Ownership Fairness Act of 2002

Livestock Ownership Fairness Act of 2002 - Amends the Packers and Stockyards Act, 1921 to prohibit livestock packers directly or through a subsidiary, from conspiring to, or owning or feeding livestock to such an extent that the producer no longer materially participates in the management of the operation, with respect to livestock held for more than 14 days prior to slaughter. Exempts from such prohibition certain: (1) forward contracting arrangements under which the producer retains pre-delivery operational control of the livestock; (2) cooperatives that own, or feed livestock and provide such livestock for slaughter; or (3) certain small producer-owned or-controlled packers.

Directs the Attorney General to establish in the Department of Justice an Office of Special Counsel for Agriculture to handle agricultural antitrust and related matters.

Requires: (1) a person in the business of purchasing livestock, poultry, or a basic agricultural commodity for wholesale resale who files a premerger notice under the Clayton Act to file simultaneously a premerger notice with the Secretary of Agriculture; and (2) the Secretary to review the proposed merger and report to the Office of Special Counsel for Agriculture.

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