Tentative Deal Reached in ADM Lawsuit

Dissident shareholders and some board members of Archer-Daniels-Midland Co. have tentatively settled a lawsuit accusing the board of failing to prevent activities that led to the company’s guilty plea to price-fixing, ADM announced. The settlement requires the defendant directors, without admitting liability, to pay $8 million to the Decatur, Ill.-based agribusiness giant. The money, which will come from insurance coverage, will pay for an outside attorney to advise a new audit committee and to educate board members on their duties. U.S. District Judge Harold A. Baker, who granted preliminary approval of the settlement, will hold a final hearing on the settlement terms on July 7 in Urbana, Ill.