Market News & Headlines >> Monsanto Settles in GM Wheat Suits
Monsanto Co. has forged a settlement agreement with wheat farmers in several states that resolves a number of lawsuits related to the May 2013 discovery of genetically-modified wheat growing on a farm in eastern Oregon and subsequent temporary restrictions on some exports of soft white wheat.
The settlement agreement involves wheat farmers in Kansas, Missouri, Illinois, Oklahoma, Texas, Louisiana, and Mississippi. Under the agreement and without any admission of liability, Monsanto has agreed to make donations of $50,000 to the agricultural school at the land grant university in each state to further the interests of wheat farmers and the wheat industry.
"Rather than paying the costs of protracted litigation, this agreement puts that money to work in research and development efforts for the wheat industry," said Kyle McClain, Monsanto chief litigation counsel. "Resolution in this manner is reasonable and in the best interest of all of the parties."
As part of the resolution of these claims, Monsanto will also reimburse plaintiffs and their counsel for a portion of their out-of-pocket costs and fees associated with this litigation.
This settlement will not resolve claims that remain pending by wheat growers in Arkansas who also filed suit.