Syngenta has reached a settlement with farmers involved in lawsuits over the launch of Syngenta’s Agrisure Viptera and Agrisure Duracade corn traits. The lawsuits alleged Syngenta’s release of traits unapproved in China led the nation to reject U.S. corn shipments and pushed corn prices lower. The settlement is estimated to be close to $1.5 billion. The settlement does not apply to lawsuits filed by U.S. grain handlers Archer Daniels Midland and Cargill against Syngenta. Further, cases brought by farmers in Canada are also still pending.
Syngenta says the proposed settlement would allow both sides to avoid the uncertainty of ongoing litigation. Lawyers representing corn farmers in the federal litigation confirmed what they called a “preliminary settlement framework.” Syngenta has denied any wrongdoing in the case.
Source: NAFB News Service