ADM pushing for dismissal of ethanol lawsuit filed in Nebraska
Archer Daniels Midland (ADM) is seeking to move and dismiss a lawsuit that claims the company manipulated the ethanol market.
ADM has asked a federal court in Nebraska to dismiss the lawsuit filed by Green Plains Inc and for a change of venue.
The new lawsuit that was filed in October alleges ADM conducted a scheme to illegally depress the ethanol market beginning in November 2017 and harmed Green Plains’ bottom line.
Green Plains claims it suffered damages through lost profits, a diminishment in future earning capacity, “reputational harm,” impairment of business relationships and “consequential” losses.
ADM argues the same claims have been made in multiple courts that have already been dismissed and that Green Plains didn’t list any specific contracts that ADM interfered with.
In August, a District Court in Illinois dismissed a similar lawsuit that argued the same claims and the court ruled Green Plains did not have standing to sue under the Commodity Exchange Act.