Dairy Co-Op, Execs Settle Antitrust Suit For $12M

Law360, New York (December 16, 2008, 12:00 AM EST) -- The Dairy Farmers of America and two of its former executives have agreed to pay $12 million to end a federal probe into allegations that the 18,000-member cooperative manipulated milk and cheese prices.

On Tuesday, the U.S. Commodity Futures Trading Commission announced the civil penalty and settlement with the dairy cooperative, former CEO Gary Hanman and former Chief Financial Officer Gerald Bos.

The commission said the DFA suggested the deal in anticipation of administrative proceedings, which the CFTC initiated Tuesday along with the settlement. The cooperative...
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