ADM reaches settlement in high fructose corn syrup suit
June 18, 2004
PRNewswire reports that Archer Daniels Midland Company announced that it reached a settlement today with the plaintiff class in the federal anti-trust civil suit regarding high fructose corn syrup. Under the terms of the settlement, ADM agreed to pay $400 million to the plaintiff class which is comprised of customers who purchased high fructose corn syrup in the early 1990s. The settlement is subject to court approval, but the parties involved have agreed that all aspects of this dispute with ADM have been fully and satisfactorily resolved. This case, originally dismissed by the U.S. District Court and later reinstated by the U.S. District Court of Appeals, was scheduled for a jury trial commencing on September 7, 2004. The plaintiff class alleged damages of $1.6 billion, which are trebled in the event of a finding of liability.