Cargill Inc. and The Andersons Inc. have secured final court approval for a $10 million settlement resolving class-action allegations of manipulating soft red winter wheat futures and options prices. The agreement, approved by Judge Robert W. Gettleman, covers traders who bought and later liquidated positions in specific futures and options contracts on the Chicago Board of Trade in late 2017.
The settlement fund will allocate a third, approximately $3.33 million, to class counsel as fees, along with over $1.08 million for litigation expenses, plus interest. The ruling was issued by the US District Court for the Northern District of Illinois on Thursday.
The case centered on claims that the companies engaged in improper trading practices affecting wheat futures and options prices. The court's approval marks the conclusion of a legal dispute that has spanned several years.