A PYMNTS Company

U.S.: Excessive cotton pricing suit motioned to be thrown out

By  |  November 14, 2012

Louis Dreyfus Commodities BV has asked a judge to throw out an antitrust suit against the company filed with the accusations that the company inflated cotton prices. Louis Dreyfus said in a letter filed to the U.S. District Court in New York City that the two plaintiffs had no evidence to back their claims and speculated that the two filed the suit over unsuccessful bets made by traders. One of the plaintiffs is Mark Allen, a former senior Glencore trader who lost his job; he is accusing Louis Dreyfus of raising prices on cotton during May and July of 2011. Cotton prices that March reportedly hit highs that have not been seen since the Civil war.

Full Content: Thompson Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.