Sunday, July 03, 2011

What? There are people who won't eat genetically modified vegetables?

A Bayer AG (BAYN) unit agreed to a $750 million settlement resolving claims with about 11,000 U.S. farmers who said a strain of the company’s genetically modified rice tainted crops and ruined their export value.

The settlement, announced yesterday, ends scores of lawsuits filed against the Bayer CropScience unit of the Leverkusen, Germany-based company by farmers in Texas, Louisiana, Missouri, Arkansas and Mississippi.

The U.S. Agriculture Department said in August 2006 that trace amounts of the company’s experimental LibertyLink strain were found in U.S. long-grain rice. Within four days, declining rice futures cost U.S. growers about $150 million, according to a complaint filed by the farmers. News of the contamination caused futures prices to fall about 14 percent.

“From the outset of this litigation, we made it clear to Bayer that the company needed to step up and take responsibility for damaging American rice farmers with its unapproved rice seeds,” Adam Levitt, a plaintiffs’ lawyer, said yesterday in a statement. “This excellent settlement goes a long way toward achieving that goal.”

Bayer confirmed the settlement in its own press statement minutes later.

“Although Bayer CropScience believes it acted responsibly in the handling of its biotech rice, the company considers it important to resolve the litigation so that it can move forward focused on its fundamental mission of providing innovative solutions to modern agriculture,” Greg Coffey, a spokesman for the company, said in the statement.
h/t to Mike Goldman in Facebook.


Dusty Crickets said...

You probably already know this about Bayer...but just in case you don't....from Wiki...

" As part of the reparations after World War I, Bayer had its assets, including the rights to its name and trademarks confiscated in the United States, Canada, and several other countries. In the United States and Canada, Bayer's assets and trademarks were acquired by Sterling Drug, a predecessor of Sterling Winthrop.
The Bayer company then became part of IG Farben, a conglomerate of German chemical industries that formed a part of the financial core of the German Nazi regime. IG Farben owned 42.5% of the company that manufactured Zyklon B,[2] a chemical used in the gas chambers of Auschwitz and other extermination camps. During World War II, the company also extensively used slave labor in factories attached to large slave labor camps, notably the sub-camps of the Mauthausen-Gusen concentration camp.[3] When the Allies split IG Farben into several pieces after World War II for involvement in organized Nazi war crimes, Bayer reappeared as an individual business. The Bayer executive Fritz ter Meer, sentenced to seven years in prison by the Nuremberg War Crimes Tribunal, was made head of the supervisory board of Bayer in 1956, after his release.[4]

Thanks again for your work here Ellroon.

ellroon said...

Continuing their good work of poisoning people...

Thanks for the link, Dusty. The more I learn....