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Markets :: Fine Chemicals/Biotech :: Agricultural chemicals

Bayer CropScience Agrees to Pay $750 Million to Settle Biotech Rice Litigation

2:35 PM MDT | July 5, 2011 | Natasha Alperowicz

Bayer CropScience says it has reached settlement agreements with attorneys representing U.S. long-grain rice growers in litigation involving about 11,000 U.S. farmers who claim that a strain of Bayer’s genetically modified rice affected crops and damaged their export value. Bayer CropScience will pay up to $750 million to resolve claims submitted by growers. The settlement will be open to all U.S. farmers who had been growing long-grain rice during the period of 2006 through 2010, the company says. Bayer reached settlement agreements with two groups of...

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