Chicago Mercantile Probed Over Cheese Price-Fixing

Law360, New York (August 18, 2006, 12:00 AM EDT) -- U.S. regulators have taken a closer look at the daily cheddar cheese auction at the Chicago Mercantile Exchange for alleged price-fixing in the cheese market.

The Commodity Futures Trading Commission investigation, which has been underway for nearly a year, stemmed from allegations made by farmers groups that the big cheeses in the industry, including the Dairy Farmers of America, the country’s biggest dairy cooperative and the food company Kraft Foods Inc., are setting prices at the auction, according to industry insiders.

The groups have complained that...
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