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U.S. Corn Export Market CrippledAfter China Rejects Syngenta GMO Corn

Syngenta Corn

Syngenta Corn Lawsuits are currently being filed on behalf of businesses that allege the drop in corn prices, and their resulting decrease in profits has been partially caused by Chinese rejection of U.S. shipments containing Syngenta’s genetically engineered corn, MIR162, or Agrisure Viptera.
The Syngenta corn lawsuit alleges that Syngenta knew or should have known that their actions relating to their genetically engineered corn, MIR 162, (“Viptera”), “crippled” the U.S. corn export market.

THL is currently speaking to any business that was affected by the trade disruption that hurt market corn prices as a result of Chinese rejection of U.S. corn shipments. It is clear that the crippling of our nation’s corn export market has far reaching implications and those that took actions that caused the crippling of this marketing should be held accountable.

 

Viptera Corn

Syngenta spent over five years and hundreds of millions of dollars developing MIR162 (“Viptera” corn) – a genetically modified seed that was designed to protect corn against damage from more than a dozen insect species such as the corn borer and corn rootworm. According to the Syngenta Corn lawsuits, Syngenta sold Viptera corn – and farmers grew it – before the product had been approved by China.

China was a large and growing export market. It was the top corn destination in 2013-2014 and was predicted by the USDA to be our largest export market for corn by 2020. U.S. corn exports to China plunged 87% in the first nine months of 2014 compared with a year earlier. Corn futures prices have dropped about 14% this year as expectations of another record U.S. Crop grew.

The Syngenta Viptera Corn lawsuits allege that Syngenta knew, or should have known, that its MIR162 seed would cripple the nations corn market. The lawsuit alleges that rather than waiting for China to approve Viptera corn, Syngenta “pushed its product on farmers” to enhance its profit margins, which totaled $875 million in 2013.

According to a case study from the National Grain and Feed Association, the estimated total loss to the industry from trade disruption over the Viptera corn was $1 billion to $2.9 billion.

THL is speaking to farmers, elevators, grain groups, refiners, grain traders/brokers and other businesses that allege the drop in corn prices has been exacerbated Chinese rejection of U.S. corn shipments.

TorHoerman Law is a national mass tort, complex litigation, drug, medical device and toxic tort law firm representing individual and business clients in 50 states. We routinely take on the largest companies in the world when their negligent actions and unfair trade practices lead to unjust profits.

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