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Judge voids $16M deal between Kraft, feds; If CFTC officials can't be bound by deal, there is no deal, judge says
A federal judge has trashed a $16 million settlement deal the U .S. Commodity Futures Trading Commission reached with Kraft Foods, because commissioners’ public statements said too much about what Kraft believed was a confidential settlement.
Kraft Foods alleges federal trade regulators quickly spoiled a settlement agreement in which Kraft agreed to pay $16 million to end a suit alleging it had manipulated wheat prices, by braying to the public about their purported triumph over Kraft in the case.
Kraft Foods will need to continue to fight an action brought by federal commodities trading regulators after a federal judge refused to toss the U.S. Commodity Futures Trading Commission’s lawsuit alleging the food company improperly manipulated wheat prices to their benefit.