NEW YORK, Jan. 15, 2015 (GLOBE NEWSWIRE) -- Scott+Scott, Attorneys at Law, LLP has filed a case on behalf of farmers who planted corn during the 2013/14 and 2014/15 crop years and suffered losses due to the drop in corn prices, which the complaint alleges occurred when China closed its market to U.S. corn imports in November 2013 as a result of the actions of Syngenta Corp., Syngenta Crop Protection, LLC, and Syngenta Seeds, Inc. (NYSE: SYT ) ("Syngenta") in commercializing its genetically modified corn trait MIR162 and allowing MIR162 to contaminate the U.S. corn supply.
Syngenta is in the business of developing and selling corn seed with certain genetically modified traits. At issue here is Syngenta's genetically modified corn trait MIR162, branded as Agrisure Viptera ("Viptera corn"). China is currently the third largest export market for U.S. corn, and it requires prior government approval for genetically modified commodities and products to be imported. When Syngenta commercialized Viptera corn in 2012, China had not authorized the importation of MIR162-traited corn into China and would ban corn imports contaminated with MIR162. According to the complaint, Syngenta nevertheless enticed farmers to grow its genetically modified MIR162 corn, while promoting practices virtually guaranteed to result in commingling of MIR162 with the rest of the corn supply. Syngenta allegedly misinformed farmers, grain elevators, grain exporters, and the general public into believing that approval from China was imminent.
China, however, did not approve MIR162 for importation. Starting in November 2013, China rejected shipments of corn containing MIR162. While recent reports state that the Chinese government has now approved the import of MIR162, this announcement has not restored the trade in U.S. corn to levels they would otherwise have been. Thus, plaintiffs claim that Syngenta's premature release of Viptera corn caused sales of U.S. corn to China to be banned, which, in turn, created an excess of corn on the U.S. market, depressing U.S. corn prices and causing billions of dollars of damages to U.S. corn exporters.
Scott+Scott has filed a legal action on behalf of farmers injured by this conduct to hold Syngenta accountable for the loss of the Chinese export market for U.S. corn, and all other resultant damages. If you have suffered losses due to the drop in U.S. corn prices during the 2013/14 and 2014/15 crop seasons, please contact Scott+Scott ( scottlaw@scott-scott.com , (800) 404-7770, (860) 537-5537) to discuss your legal options or visit the Scott+Scott website for more information: http://www.scott-scott.com . Click here to view the complaint: Complaint .
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide.
Michael Burnett Scott+Scott, Attorneys at Law, LLP (800) 404-7770 (860) 537-5537 , or
