A federal judge has appointed Professor Jeffrey M. Wooldridge, an esteemed economics professor at Michigan State University, to assess the reliability and accuracy of the key witness for the plaintiffs in an ethanol class-action lawsuit filed against Archer Daniels Midland. Wooldridge was appointed by the U.S. District Court for the District of Central Illinois to evaluate the credibility of an economic model developed for the plaintiffs, AOT Holding AG and Maize Capital Group LLC, which purports to demonstrate that ADM allegedly manipulated ethanol markets at the Argo Terminal in Illinois. The lawsuit accuses ADM of price manipulation, among other allegations.
The defendant, ADM, had requested the court to exclude the report and testimony of Shawn Ledgerwood, an economist who previously worked at the Office of Enforcement of the Federal Energy Regulatory Commission.
Shawn Ledgerwood, an economist representing the plaintiffs, developed a regression analysis model that is considered a significant part of the case against Archer Daniels Midland (ADM) in an ethanol class-action lawsuit. To evaluate the credibility of Ledgerwood's model, both parties in the case agreed to pay $800 per hour for the services of Professor Jeffrey M. Wooldridge, a distinguished economics professor at Michigan State University, as appointed by the U.S. District Court for the District of Central Illinois. ADM declined to comment on the matter. The court order states that Wooldridge's priority is to assist the court in fully understanding Ledgerwood's regression analysis.
Wooldridge of Michigan State University evaluated the reliability and accuracy of an economic model developed for plaintiffs AOT Holding AG and Maize Capital Group LLC.
The model was designed to show that Archer Daniels Midland (ADM) manipulated ethanol markets at the Argo Terminal in Illinois. The court denied ADM's motion to exclude the report and testimony of economist Shawn Ledgerwood, who developed a regression analysis model on behalf of the plaintiffs, that is considered to be an important part of the case against ADM.
Wooldridge has been asked to judge the credibility of the model and consider arguments raised during briefing as well as other pieces of evidence offered during pre-trial. ADM has argued that Ledgerwood's methodology is based on unreliable principles and methods. AOT is one of several plaintiffs that have sued ADM, alleging the company manipulated ethanol prices, violating the Commodity Exchange Act. AOT has alleged that ADM suppressed the daily benchmark price of ethanol to benefit its short positions.
https://e360.yale.edu/features/the_case_against_ethanol_bad_for_environment
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