DECATUR, Ill., June 17, 2004 – LAWFUEL – 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.
“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. Additional information can be
found on ADM’s Web site at http://www.admworld.com .