Full Answer
How much does Syngenta cost per acre?
But then China buys Syngenta on the cheap with THEIR caused problems. So at that point, all bets were off, I signed up for my share of the $1.5 Billion settlement. Just real rough figuring, if basically 75 million corn acres are signed up going into $1.5 Billion, that should be a average of $20 per acre.
What is the Syngenta lawsuit settlement?
A judicial panel combined the lawsuits into one federal district court case, and in late 2016 the court granted class certification for nine classes of producers. Syngenta eventually agreed to a settlement in 2018. What are some details on the settlement? In late 2018, the court approved the settlement for $1.51 billion.
How much will the Duracade settlement pay out?
The settlement will include four classes: Class 1. Growers and eligible landlords who did not use Duracade or Viptera will receive a minimum of $1.44 billion. Class 2. Growers and eligible landlords who did use Duracade or Viptera will be limited to $22.6 million. Class 3. Grain handlers will be limited to $29.9 million. Class 4.
How much will each farmer receive from the settlement?
Unfortunately, there is still no way to calculate how much each farmer will receive until the Settlement Administrator verifies the total bushels of corn produced by all members of the settlement. We expect that information will be forthcoming in short order.
How much will farmers get from Syngenta settlement?
Farmers, Others Receive More Than $400 Million in Syngenta Settlement Payments.
What is Syngenta corn seed settlement program?
Class 1 will receive a minimum of $1.44 billion, with the bulk of the settlement going to corn growers and eligible landlords who did not grow Duricade or Viptera corn seeds. Class 2 will be limited to $22.6 million, Class 3 will be limited to $29.9 million, and. Class 4 will be limited to $19.5 million.
Is Syngenta corn seed settlement taxable?
Instead, they are related to market damage/loss. Thus, the settlement payments are fully taxable, and any attorney fees will not be deductible on the federal return.
When was Syngenta v. Kansas verdict?
On June 23, 2017 , at the end of a three week trial, a jury in the United States District Court for the District of Kansas issued a verdict in favor of a class of Kansas farmers against Syngenta. The jury’s Verdict Form includes the following questions and answers:
Is there a settlement with Syngenta?
Everyone interested in the farmer lawsuits against Syngenta knows about reports of a settlement between the disputing parties, achieved in the midst of a jury trial. But the settling parties aren’t saying what the details of the settlement might be. Following is an effort to gather some available information and hypothesize there from what the settlement might mean for individual farmers.
Is Syngenta going to appeal the jury verdict?
Syngenta has expressed its intention to appeal the jury verdict, but the deadline for doing so has not yet arrived.
Where to send W-9 to corn seed settlement?
They may do so in one of two ways: (1) go to www.CornSeedSettlement.com and click SUBMIT MY W-9 FORM, or (2) complete the W-9 form included in the NOD, and mail it to: Corn Seed Settlement Program Claims Administrator, P.O. Box 26226, Richmond, Virginia 23260. There is no deadline to submit your IRS W-9 form, but until you do, you won’t be paid.
When did Syngenta launch genetically modified corn?
This week we received some very good news for corn farmers nationwide who suffered price losses associated with the botched launch of genetically-modified corn seed by Syngenta in 2013. On January 3, 2020, the U.S. District Court for the District of Kansas in Kansas City approved a $1.5 billion settlement to compensate thousands of farmers for their losses.
When did Syngenta start selling Mir162 seeds?
In 2010, Syngenta was approved to begin selling seeds containing the MIR162 genetic event. Syngenta started selling the MIR162 in 2011 in Agrisure Duracade and Agrisure Viptera corn varieties. The Chinese government had yet to approve MIR162, but in 2013 MIR162 appeared in shipments to China.
How much is the settlement for the corn farmers?
In late 2018, the court approved the settlement for $1.51 billion. The settlement includes all U.S. corn farmers, including those who opted out of the original class-action suit and those who grew Agrisure Duracade and Agrisure Viptera.
What led to this settlement?
In 2010, Syngenta was approved to begin selling seeds containing the MIR162 genetic event . Syngenta started selling the MIR162 in 2011 in Agrisure Duracade and Agrisure Viptera corn varieties. The Chinese government had yet to approve MIR162, but in 2013 MIR162 appeared in shipments to China.
What is going on with the settlement right now?
Several individual attorneys are currently appealing the final order , arguing that the judge did not have the authority to invalidate the contingent fee agreements. At the same time, other appeals are ongoing from class members who feel the final settlement is not fair.
What happened to producers who did not grow the MIR162 genetic event?
Producers who did not grow the MIR162 genetic event began to file lawsuits against Syngenta. A judicial panel combined the lawsuits into one federal district court case, and in late 2016 the court granted class certification for nine classes of producers. Syngenta eventually agreed to a settlement in 2018.
Is settlement a guess?
With too many unknowns currently, any estimate on a settlement amount is a guess.
Do farmers have to present their claim for distribution from settlement funds?
Once details of the settlement are announced, he said each farmer will be required to present their claim for distribution from settlement funds.
Is Syngenta AG settling with farmers?
Although the details are unknown about Syngenta AG's announced corn settlement with farmers in the United States, an Omaha attorney who has followed the case conducted a preliminary analysis published this week to show what the settlement could mean to producers.
Is Swanson's settlement made public?
Because the details of the settlement have not been made public, Swanson said the cents per bushel could be different. The company announced the signed settlement documents will be filed later in 2017.
Prior Jury Verdict
Post-Verdict Wrangling
- Since June 23, 2017, the parties in the Kansas lawsuit have been wrangling over post-trial matters, such as requests by both parties for a Court-approved plan for allocating the $217.7 million verdict amount and for scheduling additional bellwether trials for other state classes. Syngenta has expressed its intention to appeal the jury verdict, but the deadline for doing so has not yet ar…
Second Jury Trial
- Meanwhile, another bellwether trial began on September 11, 2017, in the District Court for Hennepin County, Minnesota, for a related group of farmers against Syngenta. Trial continued through the first full week and through Wednesday of the second week. Then, in a harbinger of the settlement to come, trial recessed for Thursday and Friday of that week.
Reports of Settlement
- The following Monday, September 26, news reports started circulating on a settlement of all claims of all U.S. farmers against Syngenta for a total amount between $1.4 and $1.5 billion. Nearly all U.S. corn farmers are, apparently, included in the settlement. It doesn’t make any difference whether the farmer has hired an attorney, is involved in a ...
Some Speculation
- So, we are all left to speculate on what such a settlement might mean. Speculation is always a hazardous thing. But I’m going to make an attempt, here, to pull some damages information from two expert witnesses in the Kansas trial and extrapolate from there on what the $1.4 to $1.5 settlement amount might mean. By way of emphasis, the following is, at best, an educated gues…
Expert Witness Information on Damages
- Plaintiffs in the Kansas lawsuit presented evidence on damages from two experts. One expert is Bruce A. Babcock, a Professor in the Department of Economics at Iowa State University. The other is Colin A. Carter, a Professor of Agricultural and Resource Economics at University of California, Davis. These two experts identify “cents per bushel market losses” and total market losses as fo…
An Allocation Order
- On September 13, 2017, the Judge, in the Kansas lawsuit entered an “Order” for developing a “Plan of Allocation of Judgment Funds.” The order provides: “If the jury’s verdict and damages award are upheld after any appeals,” then details will be developed for “the allocation” of judgment funds for distribution to Kansas farmers. The Order references expert testimony on damages and adds…
Some Assumptions
- Accordingly, it seems that settlement negotiations would utilize, as a starting point, the information provided by Professors Babcock and Carter and provisions of the allocation Order. The settlement amount [let’s call it $1.45 billion] is 36.71% of Prof. Babcock’s national class number and 30.99% of Prof. Carter’s national class number. For any particular farmer trying to e…
Hypothetical Calculations of A Net Recovery
- For illustration purposes, here’s how a hypothetical calculation of a “cents per bushel” net recovery might work, using the experts’ average “cents per bushel” loss numbers as an example:
Future Action by Farmers to Present Claims
- As to future action by each farmer to present his/her/its claim for a distribution from the settlement money, the process will, presumably, work something like this: --Once settlement documents are finalized, signed, filed and approved by all the courts involved, then farmers will be notified and will need to present their claims in writing to receive settlement funds; and --Proced…
Prior Jury Verdict
Post-Verdict Wrangling
- Since June 23, 2017, the parties in the Kansas lawsuit have been wrangling over post-trial matters, such as requests by both parties for a Court-approved plan for allocating the $217.7 million verdict amount and for scheduling additional bellwether trials for other state classes. Syngenta has expressed its intention to appeal the jury verdict, but the deadline for doing so has not yet ar…
Second Jury Trial
- Meanwhile, another bellwether trial began on September 11, 2017,in the District Court for Hennepin County, Minnesota, for a related group of farmers against Syngenta. Trial continued through the first full week and through Wednesday of the second week. Then, in a harbinger of the settlement to come, trial recessed for Thursday and Friday of that week.
Reports of Settlement
- The following Monday, September 26, news reports started circulating on a settlement of all claimsof all U.S. farmers against Syngenta for a total amount between $1.4 and $1.5 billion. Nearly all U.S. corn farmers are, apparently, included in the settlement. It doesn’t make any difference whether the farmer has hired an attorney, is involved in a l...
Some Speculation
- So, we are all left to speculate on what such a settlement might mean. Speculation is always a hazardous thing. But I’m going to make an attempt, here, to pull some damages information from two expert witnesses in the Kansas trial and extrapolate from there on what the $1.4 to $1.5 settlement amount might mean. By way of emphasis, the following is, at best, an educated gues…
Expert Witness Information on Damages
- Plaintiffs in the Kansas lawsuit presented evidence on damages from two experts. One expert is Bruce A. Babcock, a Professor in the Department of Economics at Iowa State University. The other is Colin A. Carter, a Professor of Agricultural and Resource Economics at University of California, Davis. These two experts identify “cents per bushel market losses” and total market l…
from Babcock from Carter
- (Marketing Year – “cents per bushel market losses”) 2013/1411.5¢ 14.84¢ 2014/15 12.7¢ 13.00¢ 2015/16 7.2¢ 8.58¢ 2016/17 4.7¢ 6.83¢ 2017/18 4.8¢ 5.44¢ Kansas Class Total Losses $235 million $192 million National Class Total Losses $3.95 billion $4.679 billion Such numbers from the two professors are different, but-similar. And the $217.7 million verdict for the Kansas Class …
An Allocation Order
- On September 13, 2017, the Judge, in the Kansas lawsuit entered an “Order” for developing a “Plan of Allocation of Judgment Funds.” The order provides: “If the jury’s verdict and damages award are upheld after any appeals,” then details will be developed for “the allocation” of judgment funds for distribution to Kansas farmers. The Order references expert testimony on damages and adds…
Some Assumptions
- Accordingly, it seems that settlement negotiations would utilize, as a starting point, the information provided by Professors Babcock and Carter and provisions of the allocation Order. The settlement amount [let’s call it $1.45 billion] is 36.71% of Prof. Babcock’s national class number and 30.99% of Prof. Carter’s national class number. For any particular farmer trying to e…
Hypothetical Calculations of A Net Recovery
- For illustration purposes, here’s how a hypothetical calculation of a “cents per bushel” net recovery might work, using the experts’ average “cents per bushel” loss numbers as an example: