CHICAGO, July 13 (Reuters) - A federal judge said he intends
to dismiss a civil lawsuit that alleges agribusiness giant
Archer Daniels Midland Co. (NYSE:ADM - news) and other
agricultural businesses conspired to fix the price of
high-fructose corn syrup, a key ingredient in soft
drinks.
Chief Judge Michael Mihm of the U.S. District Court for the
Central District of Illinois announced on Wednesday that he
intends to enter a written order granting summary judgment to
the defendants before Sept. 1, a clerk said on Friday.
Mihm made his intentions known in a conference call with
the lawyers, an ADM spokesman said.
Grain processor Cargill Inc., the world's largest privately
owned company, the A.E. Staley unit of sugar group Tate &
Lyle (quote from Yahoo! UK & Ireland: TATE.L) and food
additive maker American Maize Products Co. (AMEX:AZEA - news)
are also named defendants in the lawsuit, which includes all
users of high-fructose corn syrup such as bottlers and bakers
as potential plaintiffs.
The class-action lawsuit stems from a mid-1990s federal
antitrust probe focusing on animal feed additive lysine, food
ingredient citric acid and high-fructose corn syrup. ADM
executives Michael Andreas and Terrance Wilson were convicted
for their roles in a scheme to fix the price of lysine and
informant Mark Whitacre also was sentenced to prison.
``We are very pleased that the judge in the federal court
reviewed all the facts and found no basis for trial,'' ADM
spokesman Larry Cunningham said.
Twenty-two separate class-action lawsuits were consolidated
into the one case assigned to Mihm, Cunningham said. Some
state-level lawsuits with similar allegations about
high-fructose corn syrup remain pending, he said.
The judge has requested additional briefing from the
attorneys of record before he issues the written order, the
clerk said.
Shares of Decatur, Illinois-based ADM closed on Friday at
$14.16, up 21 cents, on the New York Stock Exchange. |