A massive lawsuit is underway against Swiss-based seed company, Syngenta, for knowingly selling a genetically modified strain of corn in 2010, and a second strain in 2012, that were not on the approved list of imports for China, one of Americas top corn buyers. While selling the seeds the company claimed that the two strains of seeds, Agrisure Viptera and Agrisure Duracade, respectively, BusinessWire said that they were within days of being accepted by China as an approved import–which proved to be disturbingly erroneous information, with one strain still not approved and the other just approved recently. This had devastating effects on the U.S. corn market, and experts estimate that due to the seeds contaminating the U.S. corn supply and simultaneous rejection of imports from China due to unapproved strains, reduced U.S. corn exports by 85% or roughly a loss of billions of dollars.
Syngenta addressed this issue, claiming that only 3% of the corn purchased and grown in the U.S. was of the unapproved strains, and feels they are not responsible for any repercussions resulting from the strains being grown because they followed guidelines. In contrast to the U.S. corn exports loss, Syngenta reported an $875 million increase in revenues marketing the genetically-modified corn. Many farmers are outraged they made a substantial profit out of blatantly lying about their product. Since the beginning of this debacle in 2010 well over 7,000 lawsuits against Syngenta have been filed relating losses due to corn prices. With a prominent agricultural attorney, Mikal Watts, leading an expert team, the outlook is favorable for the U.S. farmers and companies impacted by these losses.