Word: adm
(lookup in dictionary)
(lookup stats)
Dates: during 1990-1999
Sort By: most recent first
(reverse)
...prices for the livestock feed-supplement lysine and for citric acid, an additive found in products from cosmetics to soft drinks. The $100 million fine, the largest ever levied in a criminal antitrust case, was more than six times the amount of the previous record settlement. Further, ADM will pay an additional $90 million to settle civil suits. "In essence, greed, simple greed, replaced any sense of corporate decency or integrity" at ADM, said Joel Klein, the acting Assistant Attorney General for antitrust...
...plea bargain turned ADM (1995 sales: $12.7 billion) into an informer for the government. In exchange for immunity, company officials agreed to become witnesses against other firms under investigation for conspiring with ADM to rig prices in the $1.2 billion citric-acid market...
...ADM employees may also be called on to testify against their own, notably executive vice president Michael Andreas, 47, longtime heir apparent to his father, ADM chairman and CEO Dwayne Andreas, 78. Prosecutors are continuing their investigation of both the younger Andreas and Terrance Wilson, 58, who heads the ADM corn-processing division. Neither was granted immunity--meaning that both could face indictment. ADM said last week that Andreas was taking a leave of absence and that Wilson had decided to retire...
Importantly, the Justice Department will not pursue a potentially larger case against ADM for fixing prices in the market for high-fructose corn syrup, a ubiquitous soft-drink sweetener. This $4 billion industry is nearly four times the size of citric acid, and some consumer advocates have charged that shoppers pay higher prices for soda because of ADM's practices...
...million in fines. The agribusiness giant had been the target of a four-year long federal investigation into price-fixing in the sale of lysine, a feed supplement for livestock, and citric acid, which is used in soft drinks and detergents. In exchange for the plea agreement, ADM gains immunity against charges of alleged collusion in the sale of high-fructose corn syrup, according to reports the Wall Street Journal. The corn-syrup case was thought to be the most significant of the antitrust inquiries because it is a $3 billion market and accounts for about 30 percent of ADM...