June 18, 2004

 

 

Archer Daniels Midland Company Reaches Settlement in High Fructose Corn Syrup Suit

 

Archer Daniels Midland Company (ADM) 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.

 

"We are pleased to have reached a resolution with our customers in the food and beverage industries," said G. Allen Andreas, Chairman and Chief Executive of Archer Daniels Midland. "In light of the potential exposure inherent in litigation, the Board of Directors concluded that it was in the best interests of the Company to dispose of this matter."

 

Archer Daniels Midland Company (ADM) is a world leader in agricultural processing. ADM is one of the world's largest processors of soybeans, corn, wheat and cocoa. ADM is also a leader in the production of soy meal and oil, ethanol, corn sweeteners and flour. In addition, ADM produces value-added food and feed ingredients. Headquartered in Decatur, Illinois, ADM has over 26,000 employees, more than 270 processing plants and net sales for the fiscal year ended June 30, 2003 of $30.7 billion.

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