Green Plains said ADM's actions were contrary to what most ethanol producers would do based on market conditions. Second, Green Plains alleges ADM sold on average 1 million gallons of ethanol daily and adversely affected the pricing of more than 32 million gallons of physical ethanol produced industry-wide each day. That benchmark is used to price and settle ethanol derivatives on the New York Mercantile Exchange and the Chicago Board of Trade. The 30-minute trading window at the terminal is considered crucial because it is used to set the daily Chicago benchmark price to determine the value of Chicago ethanol derivatives. The Argo terminal is the daily location for ethanol trading. Green Plains alleges ADM executed a three-step strategy that included lowering prices at the Argo terminal in Illinois by "flooding" the terminal with ethanol to lower the price. 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, through its unlawful manipulation, intentionally interfered with these valid contractual relationships of plaintiffs that were tied to the pricing benchmarks." "In fact, ADM and plaintiffs are parties to contracts with one another in which the price paid and received is tied to the pricing benchmarks. "ADM was aware of these valid contractual relationships of plaintiffs that were tied to the pricing benchmarks," the lawsuit said, pointing to the period from November 2017 through at least September 2019 as the time of the alleged manipulation. In the new lawsuit filed in Nebraska, Green Plains said it had "valid contractual relationships" tied to various ethanol-pricing benchmarks. The court ruled the company did not have standing to sue under the Commodity Exchange Act. In August 2021, the Illinois court dismissed the previous Green Plains lawsuit that argued the same claims. The Nebraska lawsuit details how Green Plains believes ADM used the futures market to lower ethanol prices and hurt GP's bottom line. Green Plains alleges ADM's actions harmed its business.
District Court for the District of Nebraska, alleging ADM conducted a scheme to illegally depress the ethanol cash spot market beginning in November 2017.
26, Green Plains filed a new lawsuit in the U.S. A previous Green Plains lawsuit that was a class action was dismissed by the Illinois court.
District Court for the District of Central Illinois, asking that court to continue jurisdiction over all similar cases. (DTN) - Archer Daniels Midland asked a federal court in Nebraska to stay a new ethanol markets lawsuit filed by Green Plains Inc., arguing this week the case should be moved to a federal court in Illinois where similar cases are pending.ĪDM has a pending motion in the U.S. Archer Daniels Midland asked a federal court in Nebraska to stay a lawsuit filed by Green Plains Inc.
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