Syngenta, a leader in the agrochemical business, produces pesticides and genetically modified seeds for farmers. These seeds are typically modified to be resistant to certain pests. Usually, seed manufacturers like Syngenta get prior approval from foreign countries who import U.S. crops before selling the seeds to farmers. However, sometimes, this process does not happen, which can cause a major loss of income for both farmers and producers of chemicals like ethanol, which sell their crops to foreign markets.
Most recently, Syngenta has been ordered to pay out millions of dollars to farmers for their Viptera corn, which was rejected by China. The deadline to file for a share of the settlement is fast approaching, as Kearney Hub reports.
When China rejected imports that contained the Viptera and Durcede corn, it impacted more than just the farmers that grew those particular breeds. Corn that was mixed in with shipments containing Viptera and Duracede were also rejected.
This caused a domino-like effect, causing financial losses to corn growers, crop-share landlords, grain handlers, and ethanol producers alike.
They can all now apply to get their share of the settlement that Syngenta has been ordered to pay.
However, the deadline to claim their share is fast approaching – that deadline is October 12th.
$1 billion is expected to be set aside for settlements after attorney’s fees and court costs are deducted.
Claims can be submitted at https://www.cornseedsettlement.com.