May 2010

Cargill Obtains Arbitration Award for Breach of Contract Damages

Faegre Baker Daniels served as lead counsel for the claimant Cargill. The parties’ dispute centered on multiple forward contracts for the sale of commodities. When the Wards repudiated, Cargill initiated the arbitration, seeking $3,101,850 in damages. The Wards responded by asserting a $1,598,444 counterclaim. Following a hearing, the panel awarded Cargill damages of $1,950,475. The NGFA panel concluded that the Wards breached the contracts. It further concluded that Cargill had not terminated the contracts when notice was given per NGFA Rule 28 which caused Cargill to incur greater damages than what the Wards were responsible for under the NGFA Trade Rules. Cargill, Inc., v. Matt Ward, et al., No. 2287 (NGFA 2010).

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