Dairy Farmers Reach a Potential $46M Settlement for Price-Fixing

Washington, DC: A potential $46 million settlement has been reached in a price-fixing class action lawsuit pending against the Dairy Farmers of America (DFA) over allegations the organization manipulated trading activity on the Chicago Mercantile Exchange in 2004. The effect of that behaviour was to drive up the value of dairy products sold within the US.

The pending settlement addresses a part of the anti-trust class action lawsuit, including allegations the DFA bought Milk Futures contracts and Cheese Spot call contracts to stimulate demand and encourage higher prices. Prices set in the Cheese Spot market determine the national dairy product price. The DFA admits no wrongdoing in agreeing to the settlement.

Settlement details concerning reimbursement have not been made public yet.

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Published on Mar-27-13