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BAYER CROPSCIENCES' NEWS RELEASE ABOUT THE SETTLEMENT
Jul. 5, 2011
Source: Bayer CropScience news release
Bayer CropScience has reached settlement agreements with attorneys representing U.S. long-grain rice growers in the biotech rice litigation. As agreed to in the settlements, Bayer CropScience will pay up to $750 million to resolve claims submitted by growers. The settlement program will be open to all U.S. farmers who had been growing long-grain rice during the period of 2006 through 2010.
Settlement agreements have been reached with two groups of lawyers. One agreement involves those cases that are a part of the federal multi-district litigation; the other involves those cases in state courts. BrownGreer PLC will administer the settlement processes for both agreements. Rice growers have a 90-day period in which to submit their claims.
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.
Bayer CropScience recommends all rice growers interested in participating in the settlement program consult a lawyer in regard to their claim submissions. The settlements are contingent on the participation of a sufficient number of growers to represent at least 85 percent of U.S. long-grain rice acreage.
Bayer CropScience regards the inclusion of all long-grain rice growers in the settlement program, whether they have filed a lawsuit or not, to be crucial to demonstrating the company's long-term commitment to rice, which remains an important crop for Bayer CropScience throughout the world.
Bayer has already established appropriate provisions for the settlement program. BrownGreer PLC can be contacted at 866-673-5705 for information on submitting claims.
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