Ar. Lawmakers Looking for Options in Commodity Controversy

By KOLR10 News

Published 08/24 2014 01:04PM

Updated 08/24 2014 01:08PM

LITTLE ROCK, Ar. -- Arkansas lawmakers are looking for options in a commodity controversy that could cost farmers anywhere from $50 to $80 million dollars.

According to a lawsuit a group of farmers allege that Turner Grain, a business that allows farmers to lock in a price for their crops and then tracks down a buyer, appears to have gone out of business.

Dozens of farmers state that they delivered grain to the broker and were allegedly never paid. Some of them also allege that did receive payment say the checks bounced.

On Friday, lawmakers met at the Capitol to discuss the controversy and what the state can do about it.

"A lot of this specific instance is going to have to be dealt with, unfortunately it looks like, in the court system," said Speaker of the House Davy Carter. "The advice consistently was given...that everybody needs to seek wise counsel and work through this process the best that they can."

Carter went on to say the state is looking at ways to prevent something like this from happening again. However, a solution won't pop up overnight.

"Whether that's licensing, bonding, insurance requirements, we don't really know at this point on the best way to move forward. But there is going to be a tremendous amount of due diligence in this because it is complex. We want to make sure we handle it right from state level," added Carter.


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