Syngenta AG moved closer to putting a troubled biotech corn seed launch behind it with a $1.5 billion settlement with farmers, but grain traders who filed two remaining lawsuits may be less ready to compromise, legal experts said.
The company was sued three years ago by the farmers and traders who said they suffered financial losses over its decision to commercialize a genetically modified (GMO) corn strain known as Agrisure Viptera before China approved it for import.
Its settlement this week with farmers cost it more than half its annual profits and came after it lost a case in Kansas and had to pay $217.7 million in damages to over 7,000 farmers.
Two lawsuits brought by U.S. grain traders Cargill Inc [CARG.UL] and Archer Daniels Midland Co against the seed company, which is now owned by Chinese chemicals firm ChemChina, are still pending.
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More than 1 million tonnes of shipments of U.S. corn containing traces of Syngenta’s GMO variety corn were rejected by China before it finally approved the strain in December 2014.
The GLP aggregated and excerpted this article to reflect the diversity of news, opinion and analysis. Read full, original post: ADM, Cargill still pursue Syngenta over China GMO corn rejections
