- Ag Docket
(case involves allegations by class of consumers purchasing dairy products between 2004 and 2006 that defendants (sellers of milk and cheese) manipulated and increased cheese prices on the Chicago Mercantile Exchange (CME) Cheese Spot Call Auction market; complaint also included allegation that one defendant engaged in price manipulation because CME contracts used as basis for USDA milk contracts and wholesale whole milk and cheese prices with customers; CME cheese market constitutes approximately one percent of U.S. cheese supply; complaint alleges that loss defendant incurred on buying cheese contracts more than offset by profits from increase in milk and cheese prices triggered by increase in CME cheese spot prices, and one defendant supposedly claimed that trading scheme increased dairy farmer revenues by $1.3 billion; defendants paid $12 million fine to CFTC; defendant filed motion to dismiss case, and court determined that indirect purchasers have standing to pursue state law claims based on NY, TN, MI and KS law, but lack standing to pursue federal claims; federal claims dismissed; status hearing set for Sept. 6, 2013).
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