Syngenta has agreed to settle tens of thousands of lawsuits with U.S. farmers over the company’s release of genetically-modified corn traits that did not have Chinese approval.
In a statement, Syngenta spokesman Paul Minehart says a fund will be established to pay claims to farmers who contracted to price corn or corn byproducts after September 15th, 2013.
Full terms won’t be released until after the agreement is submitted for court approval later this year, according to Minehart.
The settlement-which comes in the middle of a trial taking place in Minneapolis-does not include exporters like Cargill and ADM, that are also suing Syngenta.
Plaintiffs claim they suffered economic losses following the commercialization of Syngenta’s Agrisure Viptera and Duracade seed lines before China approved the traits for import.
Attorneys say the nationwide losses for corn growers from the action exceeded $5 billion dollars.
The proposed settlement allows both sides to avoid ongoing litigation after three years in court, without admission concerning the merits of either parties’ allegations and defenses.
The settlement amount is reported to be around $1.5 billion.
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