ADM Settles High Fructose Corn Syrup Suit

DECATUR - Jun 18/04 - SNS -- Archer Daniels Midland Company (ADM) has settled 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 1990's.

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."