January 6, 2015 — Reuters reports that lawyers may soon seek a settlement from Syngenta AG, the Swiss biotech company responsible for plummeting corn seed prices after introducing a genetically modified (GMO) seed before it was approved in China.
Chinese government officials finally approved imports of GMO corn seed last month, after years of uncertainty. When prices stabilize, lawyers will finally be able to calculate economic losses.
The seed, Agrisure Viptera, was only planted on 3% of corn acres in the United States. However, due to cross-contamination, 1.45 million metric tons were tainted and rejected by China in 2013. Farmers lost hundreds of millions of dollars due to falling corn prices.
Syngenta is accused of misleading farmers about the imminent approval of GMO corn seeds in China. Publicly, Syngenta has stated that they have no intention of settling lawsuits involving Viptera. However, they have been hit with lawsuits from many of the largest commodities traders, including Archer Daniels Midland Co. and Cargill.
GMO Rice Lawsuits Settled for $750 Million
In July 2011, Bayer paid $750 million to settle a very similar litigation involving GMO rice seed, according to Bloomberg.
About 11,000 rice farmers in the United States sued Bayer after the LibertyLink seed cross-contaminated more than 30% of American rice fields, ruining their export value. Prices plummeted after the European Union, Russia, and Japan stopped or slowed purchases of American rice while testing for the GMO rice seed.
Based on the economic impact of unapproved GMO rice seed in America, lawyers for corn seed farmers might argue that Syngenta could have reasonably anticipated a similar drop in corn prices due to Viptera.
Do I have a GMO Corn Seed Lawsuit?
The Schmidt Firm, PLLC is currently accepting Syngenta Viptera corn seed induced injury cases in all 50 states. If you are a corn farmer or exporter who had economic losses, you should contact our lawyers immediately for a free case consultation. Please use the form below to contact our Class Action Litigation Group or call toll free 24 hours a day at (866) 920-0753.
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