ADM sues North Dakota farmer for pulling out of ethanol plant purchase deal

In North Dakota, ADM is suing a farmer in the town of Walhalla for $700,000 for allegedly pulling out of a contract to buy one of the company’s defunct ethanol plants for $2.5 million. ADM says they had a deal set on Dec. 2, 2013 with closing set for the end of that year but the farmer was dependent on a third-party deal to fund the purchase. So instead ADM sold the plant to another party for $2 million and is now suing the original farmer for the difference in sale price and additional costs and fees.