Former MCP workers seek millions in class-action suit
March 23, 2004
Reuters reports that former employees of Minnesota Corn Processors LLC stand to make millions in a class-action lawsuit stemming from the company''s merger with agribusiness Archer Daniels Midland Co., the plaintiffs'' lawyer said on Thursday. A Minnesota judge on Wednesday granted class-action status to a lawsuit filed by five former MCP employees alleging that MCP officials profited illegally from the company''s 2002 merger with Decatur, Illinois-based ADM. The suit could involve as many as 5,500 plaintiffs and seek more than $15 million, a plaintiff''s attorney said. Nine former MCP officials, including the company''s chief executive officer, were named as defendants. ADM, one of the world''s largest processors of soybeans, corn, wheat and cocoa, acquired MCP for over $700 million, or $2.90 per share, in 2002.