DTN writer Todd Neeley reported yesterday that, “It may be at least a year before farmers and others start to receive payments from a $1.51 billion settlement from a lawsuit filed following Syngenta’s release of Agrisure Viptera and Agrisure Duracade MIR162 corn traits.
“A federal court recently approved three additional subclasses of parties allegedly hurt by Syngenta’s actions, according to an April 10, 2018, court order from the U.S. District Court for the District of Kansas in Kansas City.
“The settlement now will include three additional subclasses. That includes any producer who owned any interest in corn in the U.S. priced for sale, purchased Agrisure Viptera and/or Agrisure Duracade corn seed, and produced corn grown from those traits. The settlement also will include any grain-handling facility and ethanol plant that owned interest in corn priced for sale during the period.”
Mr. Neeley noted that, “Court documents show Syngenta was required to make about $400 million in initial payments to the escrow account by the end of March. The final $1.1 billion is due either by April 1, 2019, or 30 days after the court’s final approval order, whichever comes later. Payouts will not begin until the total funds are deposited and the court approves the final settlement.
“Paul Minehart, Syngenta’s head of corporate communications for North America, said in a statement the company supports the settlement.”
