Agribusiness Archer Daniels Midland has settled a lawsuit over claims the company was behind a now-imprisoned grain broker’s scheme that gouged millions from dozens of Missouri farmers.
The St. Louis Post-Dispatch reports that Thursday’s confidential settlement ended a civil trial in St. Louis. Terms weren’t disclosed, and ADM says in a statement it admits no wrongdoing.
Cathy Gieseker was sentenced in 2010 to nine years in federal prison for what prosecutors called a Ponzi scheme involving 179 farmers bilked of more than $27 million.
She claimed to have a deal with ADM that let her broker corn and soybean crops for premium prices and pay the farmers a higher yield later.
The lawsuit involving roughly 160 plaintiffs claimed ADM management knew about and instructed Gieseker’s scheme.
Topics Lawsuits Agribusiness Missouri
Was this article valuable?
Here are more articles you may enjoy.
Trump’s Bond Insurer Tells Judge Shortfall Is ‘Inconceivable’ 
Former Congressman Charged After Collision with State Trooper in Florida 
South Carolina Ringleader Sentenced to 8 Years for Staged Accidents 
AIG General Insurance Chairman McElroy to Retire May 1 
