U.S. Securities and Exchange Commission

Litigation Release No. 18379 / September 30, 2003

(United States District Court, D. Md., Civil Action No. MJG 03-CV-2769)

Former Ag-Chem Equipment Company Director, Two Others, Charged With Insider
Trading

   The Securities and Exchange Commission announced that on September 30,
   2003, it filed a civil injunctive action in the United States District
   Court for the District of Maryland against DeWalt J. Willard, Jr.,
   William F. Willard, Sr. and Larry L. Martin, for insider trading. The
   complaint alleges that the three defendants traded while in possession
   of material non-public information in advance of a November 20, 2000
   announcement that Ag-Chem Equipment Company, Inc. ("Ag-Chem") had been
   acquired by AGCO Corporation. As described below, the defendants have
   agreed to settle this matter.

   The complaint alleges that DeWalt Willard, a member of Ag-Chem's board
   of directors, after learning of Ag-Chem's merger negotiations,
   purchased Ag-Chem stock in his own account and through the securities
   account of a friend, thereby earning illegal profits of $73,287. The
   complaint alleges that DeWalt Willard also failed to file the required
   Form 4 with the Commission disclosing any of the purchases made
   through his friend's account.

   The complaint alleges that DeWalt Willard also tipped his son, William
   Willard, about the merger negotiations. William Willard then tipped
   Martin, his friend and business associate, and asked Martin to
   purchase Ag-Chem stock on his behalf. The complaint alleges that
   Martin purchased Ag-Chem stock for William Willard's benefit,
   resulting in illegal profits of $33,462 for William Willard. Finally,
   the complaint alleges that, following receipt of the tip, Martin
   purchased Ag-Chem stock in his personal brokerage account and for his
   two sons, earning illegal profits of $109,387.

   Without admitting or denying the allegations in the Commission's
   complaint, all three defendants have consented to permanent
   injunctions from violations of Section 10(b) of the Securities
   Exchange Act of 1940 ("Exchange Act") and Rule 10b-5 thereunder. In
   addition, DeWalt Willard has consented to the entry of a permanent
   injunction from violations of Section 16(a) of the Exchange Act and
   Rule 16a-3 thereunder, and to the entry of an order barring him from
   serving as an officer or director of a public company. DeWalt Willard
   has also agreed to pay disgorgement of $73,287, together with
   prejudgment interest of $12,037, and to pay a civil penalty of
   $107,478. William Willard and Larry Martin have consented to pay