HFCS is a sweetener manufactured from corn and used in soft drinks and other food products. Ds are the principal manufacturers of HFCS -- Archer Daniels Midland (ADM), A.E. Staley, Cargill, American Maize-Products, and CPC International. Ps claim that in 1988 Ds secretly agreed to raise the prices of HFCS, that the conspiracy was implemented the following year, and that it continued until mid-1995 when the FBI raided ADM in search of evidence of another price-fixing conspiracy.
The suit was brought in 1995, and an enormous amount of evidence was amassed in pretrial discovery. The district judge concluded that 'no reasonable jury could find in Ps' favor on the record presented in this case without resorting to pure speculation or conjecture. Ps appealed.