Judge Not Sweet On Sugar Co. Execs' Merrill Testimony

Law360, New York (April 12, 2012, 4:51 PM EDT) -- A New York federal judge on Tuesday excoriated three Usinas Itamarati SA executives for giving misleading testimony about their role in signing a swap contract that left the Brazilian sugar and ethanol company indebted to Merrill Lynch Capital Services Inc. for $146 million.

U.S. District Judge Richard J. Sullivan said the executives gave conflicting accounts during a six-day bench trial in June about their knowledge of the May 2008 transaction and their authority to enter into it.

The 27-page opinion explained a March 31 order finding...
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