If you have suffered financial loss due to the recent plunge in corn prices, you are not alone. Tens of thousands of American corn farmers, distributors and others who derive income from corn are feeling the sting of a dramatic devaluation of corn in the international markets.
A string of recent lawsuits places the blame for this financial loss on Syngenta, the Swiss-based agribusiness that in 2011 developed a genetically modified corn seed called MIR 162. This strain of corn was sold under the brand names Agrisure Viptera and Agrisure Duracade.
In November of 2013, China rejected 576,000 tons of corn because it contained traces of MIR 162. The resulting financial shockwaves hit American corn farmers and distributors hard. In May 2014, the National Grain and Feed Association released a report estimating that the commercialization of MIR 162 corn by Syngenta caused a drop of between 11 and 50 cents per bushel of corn. The total estimated losses are in the billions. The losses hit all American corn farmers, not only those who grew MIR 162 corn.
The basis for these legal claims is that Syngenta prematurely placed the MIR 162 seed on the market, before obtaining approval from China and other major international markets. American farmers were led to believe the new strain of corn would be welcomed by major U.S. trade partners like China. It was not.
Not only farmers were affected. Corn transporters and shippers, elevators, property owners who leased land to corn growers and other parties have lost significant corn income due to Syngenta's negligence.
What Can You Do?
Litigation concerning MIR 162 corn is ongoing. If you suffered financially due to the drop in corn prices, whether you grew MIR 162 corn or not, you may be able to obtain compensation for your losses. The attorneys at Dunlap & Seeger can help you explore your legal options. Call today at 507-316-0628 or toll free at 800-636-2689 or contact us online to arrange your free initial consultation with one of our Rochester, Minnesota, attorneys.