UK-based sugar and sweetener group Tate & Lyle is working to settle a US lawsuit that alleges its AE Staley unit teamed up with other manufacturers to fix prices of high fructose corn syrup in the early 1990s.
AE Staley’s two co-defendants, Cargill and Archer Daniels Midland, have both reached settlements. Cargill settled in February for US$24m without admitting liability, while ADM settled last week for $400m.
Tate & Lyle has previously said it is convinced it has done nothing wrong as regards this case and that it is confident that the evidence would back up its claims. However, the company also said it is trying to settle the case before it goes to trial on 7 September to avoid the “cost and uncertainty” of a US jury trial, reported the Financial Times.
After ADM settled last week, Tate & Lyle said it was continuing in its efforts to reach a settlement.