Green Plains Inc. has sued Archer Daniels Midland Co on Tuesday, accusing the global grain trader of manipulating the price of the biofuel to profit from its positions in the derivatives market, reports Reuters.
Green Plains filed the proposed class action with the U.S. District Court of Nebraska, where it also claimed that senior ADM officials knew of the alleged manipulation.
The lawsuit seeks unspecified damages. According to the complaint, ADM was aggressively selling ethanol on the cash market at the Argo terminal just outside of Chicago -- and timing such selling 30 minutes ahead of the close of the trading day.
