Ploss, et al. v. Kraft Foods Group, Inc. et al., 15-cv-02937 (N.D. Ill.)
On March 22, 2019, the Honorable Edmond E. Chang entered an order striking Defendants’ motion seeking to exclude the expert opinion of Plaintiffs’ expert Dr. Craig Pirrong and extending the briefing schedule on Plaintiffs’ motion for class certification. Under the schedule set by the Court, briefing on Plaintiffs’ motion for class certification concludes on May 31, 2019.
Plaintiffs’ class certification motion sought to certify a Class consisting of all persons who or which:
(a) purchased a Board of Trade for the City of Chicago or Chicago Mercantile Exchange (“CBT”) December 2011 Soft Red Wheat Futures Contract (“CBT December 2011 Contract”) or a CBT March 2012 Soft Red Wheat Futures Contract (“CBT March 2012 Contract”) after October 31, 2011 except that purchases of CBT March 2012 contracts made after December 14, 2011 qualify for inclusion in the Class only to the extent they were made in liquidation of a short position in the CBT March 2012 contract (whether an outright short position or as part of a spread position) which was sold between November 1 and December 14, 2011 inclusive; or
(b) sold put options or purchased call options on the CBT December 2011 contract or on the CBT March 2012 contract after October 31, 2011 except that sales of put options or purchases of call options on the CBT March 2012 contracts made after December 14, 2011 qualify for inclusion in the Class only to the extent they were made in liquidation of a position in the CBT March 2012 contract (whether an outright position or as part of a spread position) which was initiated between November 1 and December 14, 2011 inclusive.
Excluded from the Class are Cargill, Inc., the Defendants and any parent, subsidiary, affiliate or agent of any Defendant.
The Firm, as Co-Lead Counsel for the Class, encourages persons who have transactions that meet the above definition of the Class to take steps to retain their records reflecting those transactions.
On March 22, 2019, it was announced that Kraft reached a settlement with the Commodity Futures Trading Commission (“CFTC”) in a case based on somewhat similar charges that Kraft allegedly manipulated SRW futures prices in 2011.
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