$1.5 Billion Settlement in Suit over Syngenta GMO Corn Seed

A $1.5 billion settlement was reached in a class-action lawsuit against Syngenta over its introduction of a genetically engineered corn seed. Payments will be made to U.S. corn farmers, grain handling facilities and ethanol plants, covering corn priced after September 15, 2013.Lawsuits in state and federal courts challenged Syngenta's decision to introduce its modified Viptera and Duracade corn seed strains to the U.S. market for the 2011 growing season before having approval for import by China in 2014. The plaintiffs said Syngenta's decision cut off access to the large Chinese corn market and caused price drops for several years.The settlement, reached Monday, must be approved by US District Judge John Lungstrum in the District of Kansas. It will create a fund to pay claims by farmers and others who contracted to price corn or corn byproducts after September 15, 2013.If approved, money could be distributed to class members in the first half of 2019. The settlement does not include exporters such as Cargill and ADM that are also suing Syngenta.