Lawsuit sours business for syrup maker - Archer Daniels Midland

dArKeR

(1000+ posts) Send PM | Profile | Ignore

Sat Jun-19-04 12:30 AM
Original message

Lawsuit sours business for syrup maker - Archer Daniels Midland

Edited on Sat Jun-19-04 12:30 AM by dArKeR

Dactur, Illinois - Archer Daniels Midland will pay $400 million to settle a federal antitrust lawsuit that claimed the company conspired to fix the price of high fructose corn syrup, a sweetener used in products ranging from soft drinks to pasta sauces.

"We are pleased to have reached a resolution with our customers in the food and beverage industries," G. Allen Andreas, chairman and CEO of Decatur, Illinois-based ADM, said in a statement late Thursday.

The settlement is subject to approval by US District Court in Peoria, Illinois.

The class-action lawsuit was filed in 1995 by about 20 corn syrup buyers, who alleged that ADM's actions cost them $1.6 billion. Plaintiffs included Coca-Cola and PepsiCo.

http://www.busrep.co.za/index.php?fSectionId=552&fArticleId=2117862

Look at justice in America! It will be 10 years before a check is written, if at all! And who actually paid the extra price? We! Do we get any of this money? NO!

Printer Friendly | Permalink | | Top

alexwcovington

(1000+ posts) Send PM | Profile | Ignore

Sat Jun-19-04 12:34 AM
Response to Original message

1. I can't help not feeling sorry

So soda went up from 75 cents to a dollar over the last decade.... So what?

Printer Friendly | Permalink | | Top

xray s

(1000+ posts) Send PM | Profile | Ignore

Sat Jun-19-04 12:35 AM
Response to Original message

2. Pretty good investment return for ADM

Pay $400 million in fines, get $1.6 billion by ripping off your competitors.

What is that, about a 300% return on investment?

And here I am getting 1.5% on my money market account...

Printer Friendly | Permalink | | Top

GoodSpud

(153 posts) Send PM | Profile | Ignore

Sat Jun-19-04 01:06 AM
Response to Reply #2

3. Not their competitors!

Their customers...

So what do you think they are doing in your local mega-mart?

T.D.P.

Printer Friendly | Permalink | | Top

Mr.Green93

(1000+ posts) Send PM | Profile | Ignore

Sat Jun-19-04 07:06 AM
Response to Original message

4. end the sugar subsidies

high fructose corn syrup is poison

Printer Friendly | Permalink | | Top

otohara

(1000+ posts) Send PM | Profile | Ignore

Sat Jun-19-04 10:27 AM
Response to Original message

5. ADM ... Supermarket To The Soda Companies

yum....toxic corn syrup....

Printer Friendly | Permalink | | Top

DU AdBot (1000+ posts)

Tue Apr 30th 2024, 01:00 PM
Response to Original message

Advertisements [?]

Top

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.