Advertisement

ADM agrees to $400 settlement

DECATUR, Ill., June 18 (UPI) -- Archer Daniels Midland Co. of Decatur, Ill., has agreed to settle a civil claim by 2,000 companies that it rigged the price of corn sweetener.

The nearly 9-year-old lawsuit, which included companies such as PepsiCo Inc. and Coca-Cola Co., alleged ADM conspired with other corn-milling manufacturers to illegally inflate high-fructose corn syrup prices in the early 1990s, costing them $1.4 billion, the Wall Street Journal reported Friday.

Advertisement

It was in the "best interest of the company to dispose of this matter," ADM, the nation's largest corn miller, said in a statement.

U.S. District Judge Michael M. Mihm in Peoria, Ill., had dismissed the case, but it was later reinstated by the 7th U.S. Circuit Court of Appeals in 2002 and was scheduled to go to trial in September.

Latest Headlines

Advertisement

Trending Stories

Advertisement

Follow Us

Advertisement