Reuters – U.S. farmers suing Syngenta AG over its decision to commercialize a genetically modified (GMO) strain of corn before China approved importing it sought court approval on Monday of a record $1.51 billion settlement with the Swiss seed company.
The deal covers U.S. corn producers, grain handling facilities and ethanol plants nationwide that sold corn priced after Sept. 15, 2013, according to a filing in Kansas federal court. Lawyers for the plaintiffs said in a statement that they believed the deal to be the largest agricultural class action settlement in U.S. history.
“We are very pleased with this outcome,” they said.
Cargill Inc is still pursuing separate claims against Syngenta and is not part of the settlement. Archer Daniels Midland Co announced it reached a separate settlement with Syngenta in February.
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