ADM Paying Legal Fees for Former Execs

Decatur, Ill.-based Archer-Daniels-Midland Co. is picking up the legal tab for two executives who left their posts shortly before being indicted on price-fixing charges. ADM pleaded guilty in October to fixing prices of citric acid and the livestock feed additive lysine. The company agreed to pay a $100-million fine and cooperate with prosecutors in related price-fixing cases. Those cases include criminal charges against three men who had been top executives at ADM: Michael Andreas, vice president and board member; former corn processing division head Terrance Wilson; and former bioproducts division head Mark Whitacre. All three men have pleaded not guilty. ADM “has paid and intends to continue to pay the legal expenses” of current and former company executives such as Wilson and Andreas, the company told the SEC. Wilson retired, Andreas took a leave of absence and Whitacre was fired.