Trader Hits ADM With Ethanol Derivatives Manipulation Suit
Law360 (September 5, 2019, 2:24 PM EDT) -- U.S. ethanol producer Archer Daniels Midland Co. manipulated a key ethanol benchmark price, costing traders hundreds of millions of dollars and shorting Swiss company AOT Holding at least $5 million, the trader said Wednesday in a proposed class action in Illinois federal court.
AOT Holding AG's complaint accuses ADM of manipulating the Chicago ethanol price, which is used to price and settle a number of ethanol derivatives traded on the New York Mercantile Exchange and the Chicago Board of Trade. Derivatives traders suffered "hundreds of millions of dollars" in damages as a result of these alleged activities, and AOT itself lost...
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