A Kansas City, Kan. judge approved Syngenta’s $1.51 billion settlement regarding MIR 162, Agrisure Viptera, corn. It was approved in November 2018, so now you might be wondering: Where’s the money?
“Per the settlement agreement, payments will likely go out in the second quarter 2019,” the plaintiff co-leads said in a news release. “However, this may be delayed if any appeals to the settlement approval are filed.”
Farmers needed to fill out forms by Oct. 12, 2018 to receive payment. If you’re one of those individuals, keep an eye on syngentacornlitigation.com for more updates about payments.
The amount class members receive depends on the amount of corn individuals priced for sale between September 15, 2013 and April 10, 2018.
For background, the case examined the claim by some corn farmers that they suffered losses after China rejected U.S. corn exports in 2013 due to the presence of Viptera prior to Chinese approval. Plaintiffs say the rejection interrupted trade and lowered commodity prices, costing farmers as much as $3 billion. Syngenta says it didn't need approval from China before releasing Viptera since the company had U.S. approval. Syngenta agreed to a settlement in March of last year, bringing an end to months of litigation.
Funds will be distributed to hundreds of thousands of farmers, ethanol plants and other eligible recipients who sold corn priced after Sept. 15, 2013.
For more information about the case and its history check out past coverage from AgWeb.com:
Syngenta Settles MIR162 Case for $1.51 billion
After 8 Years the Viptera Saga Comes to a Close