Syngenta Seeks to Settle GMO Corn Cases
26 Septembre 2017 - 11:50PM
Dow Jones News
By Jacob Bunge
Syngenta AG said it would settle thousands of lawsuits from U.S.
farmers who alleged the Swiss agricultural giant's launch of
genetically engineered corn seeds cost them money.
Syngenta introduced a new variety of pest-resistant corn, called
Agrisure Viptera, in 2011. The strain hadn't been approved by
authorities in China, which in 2013 began rejecting U.S. corn
shipments found to contain the Syngenta genes. U.S. farmers allege
that the market for U.S. corn shrank as a result, weighing on
prices and their incomes.
Syngenta said Tuesday that its proposed settlement with the
farmers would "avoid the uncertainty of ongoing litigation." A
Syngenta spokesman said it was too early to comment on the size of
any settlement fund. Syngenta isn't admitting to the plaintiffs'
charges. The agreement still requires court approval.
Lawyers for the farmers said they looked forward to proposing a
final settlement agreement over the next several weeks.
China's rejection of U.S. corn shipments containing Syngenta's
biotech corn roiled the agriculture sector and renewed debate over
how to manage new crop genes that can take years to secure
regulatory approval around the world. China had been the world's
fastest-growing market for corn. After rejecting the shipments
containing Syngenta genes, U.S. corn exports to the country dropped
off. Meanwhile, China's domestic corn stockpile has swelled.
The settlement doesn't cover separate lawsuits filed by Canadian
farmers. Syngenta is also fighting lawsuits brought by grain
companies Cargill Inc. and Archer Daniels Midland Co., which
claimed China's rejections of corn shipments cost them tens of
millions of dollars.
In May, Syngenta completed its $43 billion sale to China
National Chemical Corp., a Chinese state-owned supplier of
pesticides and other chemicals. The deal aimed to harness
Syngenta's research into pesticides and seed genetics to help
modernize China's farm sector.
Write to Jacob Bunge at jacob.bunge@wsj.com
(END) Dow Jones Newswires
September 26, 2017 17:35 ET (21:35 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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