In what could be the largest agricultural class-action settlement ever in U.S. courts, farmers are seeking federal court approval of a $1.5-billion settlement with Syngenta for its decision to sell a GMO corn variety to farmers before China had approved it for import, reported Reuters. The settlement would include corn farmers, grain handlers, and ethanol makers nationwide.
The proposed settlement was first reported last September, though details became public only this week when documents were filed in the court in Kansas. Cargill is suing Syngenta separately. Another of the major grain companies, Archer Daniels Midland, announced its own settlement with Syngenta last month.
The class-action suit by corn growers said Syngenta, a Swiss company now owned by ChemChina, was negligent in 2010 when it decided to sell a GMO strain to farmers. China eventually rejected millions of tonnes of U.S. corn that contained some of that grain, knocking down market prices for U.S. corn. China did not approve import of the variety until late 2014.