−Removed: LEGAL PROCEEDINGS (Continued)
+Added: LEGAL PROCEEDINGS
+Added: The Company is routinely involved in a number of actual or threatened legal actions, including those involving alleged personal injuries, employment law, product liability, intellectual property, environmental issues, alleged tax liability (see Note 9 of “Notes to Consolidated Financial Statements” included in Item 1 herein, “Financial Statements” for information on income tax matters), and class actions.
+Added: The Company also routinely receives inquiries from regulators and other government authorities relating to various aspects of its business, and at any given time, the Company has matters at various stages of resolution.
+Added: The outcomes of these matters are not within the Company’s complete control and may not be known for prolonged periods of time.
+Added: In some actions, claimants seek damages, as well as other relief including injunctive relief, that could require significant expenditures or result in lost revenues.
+Added: In accordance with applicable accounting standards, the Company records a liability in its consolidated financial statements for material loss contingencies when a loss is known or considered probable and the amount can be reasonably estimated.
+Added: If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued.
+Added: If a material loss contingency is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed in the notes to the consolidated financial statements.
+Added: When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded.
+Added: Estimates of probable losses resulting from litigation and governmental proceedings involving the Company are inherently difficult to predict, particularly when the matters are in early procedural stages, with incomplete facts or legal discovery;
+Added: involve unsubstantiated or indeterminate claims for damages;
+Added: potentially involve penalties, fines, disgorgement, or punitive damages;
+Added: or could result in a change in business practice.
On September 4, 2019, AOT Holding AG (“AOT”) filed a putative class action under the U.S.
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On March 16, 2021, AOT filed an amended complaint adding a second named plaintiff Maize Capital Group, LLC (“Maize”).
−Removed: AOT and Maize allege that members of the putative class suffered “hundreds of millions of dollars in damages” as a result of the Company’s alleged actions.
+Added: AOT and Maize allege that members of the putative class collectively suffered damages calculated to be between approximately $500 million to over $2.0 billion as a result of the Company’s alleged actions.
On July 14, 2020, Green Plains Inc.
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MRE filed an amended complaint on August 30, 2021, which ADM moved to dismiss on September 27, 2021.
−Removed: UWGP filed an amended complaint on October 19, 2021, which ADM moved to dismiss on December 9, 2021.
+Added: UWGP filed an amended complaint on October 19, 2021, which the court dismissed on July 12, 2022.
On October 26, 2021, GP filed a new complaint in Nebraska federal district court, alleging substantially the same facts and asserting a claim for tortious interference with contractual relations.
On March 18, 2022, the Nebraska federal district court granted ADM’s motion to transfer the GP case back to the Central District of Illinois for further proceedings.
+Added: ADM moved to dismiss the complaint on May 20, 2022.
The Company denies liability, and is vigorously defending itself in these actions.
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.