China recently announced that they would begin accepting imports of U.S. corn, which could prompt Syngenta to settle claims over GMO corn seeds. According to lawsuits filed by corn farmers and exporters across the U.S., Syngenta sold genetically modified corn seeds without first getting approval from China, one of the top three importers of U.S. corn.
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Cross-pollination caused all corn to be affected, prompting China to ban all U.S. imports of corn. This dramatically lowered corn prices with implications for hundreds of farmers, producers, and corn exporters. Consequently, those affected filed lawsuits against Syngenta seeking damages.
Now, China has lifted that ban and has approved imports of U.S. corn. Many lawyers believe that this latest development will compel Syngenta to pay settlements because, according to U.S. Agriculture Secretary Tom Vilsack, Syngenta has updated prices to reference when calculating potential losses caused by China's initial rejection of the product.
However, Syngenta has publicly stated that they "intend to defend [this litigation] vigorously." Syngenta might not be willing to settle with farmers just yet, but at least now they have some incentive. For more on this latest development, read "China approval may spur Syngenta to settle lawsuits-lawyers"in Reuters.