The Latest: Sugar, corn industries settle sweetener spat
LOS ANGELES (AP) — The latest in the settlement between the sugar and corn industries (all times local):
The sugar and corn industries have reached a secret settlement in their billion-dollar battle over sweeteners.
Both sides announced the confidential deal Friday that puts an end to a trial in Los Angeles federal court that pitted sugar against high fructose corn syrup.
Sugar processors were seeking $1.5 billion in a false-advertising claim against corn refiners and agribusinesses giants Archer Daniels Midland and Cargill.
Sugar claimed it lost money when corn refiners tried to rebrand their publicity-plagued product as "corn sugar" and claimed it was the same as cane sugar.
The corn refiners countersued for $530 million, accusing the sugar industry of making false and misleading statements about their product that had taken a beating over claims it was unhealthy.