Kraft, Mondelez To Pay $16M In CFTC Wheat Futures Case
Law360 (August 15, 2019, 12:06 PM EDT) -- Kraft Foods Group Inc. and Mondelez Global LLC have agreed to pay $16 million to end claims they improperly traded wheat futures and manipulated the good’s market price, the U.S. Commodity Futures Trading Commission said Thursday.
The amount is about three times what the CFTC alleged Kraft and Mondelez made while violating the Commodity Exchange Act through their improper trading of wheat futures, according to the announcement. Mondelez has agreed to pay the amount within 90 days, but both companies are liable for satisfying the penalty obligation, according to the order U.S. District Judge John Blakey entered Thursday.
The parties’ consent...
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