The Securities and Exchange Commission’s accounting and disclosure fraud suit against Archer-Daniels-Midland’s former CFO is inching along with the fact discovery phase likely to take at least another six months, according to a Thursday court filing.
The progress in the federal case filed in January against Vikram Luthar appears to be entangled in a still-expanding fact-finding phase, according to a status report filed this week signed by attorneys for the SEC and Luthar.
Both sides are proceeding “diligently,” with the SEC already having produced over 307,000 documents in response to Luthar’s initial requests, the filing states, and the agency is continuing to provide additional material in “rolling productions.”
Meanwhile, in other information-gathering actions, the SEC made its first set of requests to Luthar, who in turn has issued subpoenas to four parties not named in the…
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