Syngenta is the world’s largest agricultural chemical company, posting annual revenues of roughly $15 billion. Recently, the corporation has caused the corn industry to suffer over $1 billion in losses. Syngenta triggered a chain of events that has sent the U.S. corn industry reeling when it began selling U.S. corn growers Agrisure Viptera seeds before they had received approval for importation in China.
When China discovered the presence of the unapproved seed in the corn, they ceased importing corn from the U.S. Because China is a significant and expanding market for U.S. corn growers, the sudden ban on imports hit the U.S. corn industry hard. Corn prices have fallen, and many corn farmers are struggling to make ends meet and stay in business. The National Grain and Feed Association estimates that the total economic damage from this incident is at least $1 billion, and could be as much as $3 billion before the situation is fully resolved, all because Syngenta sold the Agrisure Viptera seed before it had been approved for import in China. It is shocking in business when something seemingly small, such as importing unauthorized corn into China, has a cascading effect that produces an avalanche of consequences for unsuspecting victims, like the corn growers, processors, and transporters who are suffering as a result of these unfortunate circumstances. If your business has been impacted by these events, contact an Atlanta business lawyer immediately.China is a Key Market for American Corn Farmers
As the largest agricultural chemical company in the world, it is Syngenta’s responsibility to understand the economic impacts of its actions. The fact that the company is based in Switzerland does not excuse this. The corn industry is now global in nature. As such, Syngenta had every reason to believe that U.S. buyers of its Agrisure Viptera seeds would be seeking to export product to China.Over 1,000 Lawsuits Have Been Filed Against Syngenta
Well over 1,000 lawsuits have been brought against Syngenta, alleging that:
- Syngenta had knowledge that Agrisure Viptera was not approved for import to China when it was made available for sale;
- Syngenta “actively misled” farmers about consequences of buying seed that was not approved by China;
- Syngenta should have known that Agrisure Viptera would contaminate 100% of U.S. corn stock, thereby adversely impacting even U.S. corn growers who did not plant the seed.
Many more lawsuits are forthcoming. If you are a farmer, processor, or transporter of corn who has suffered as a result of Syngenta’s actions, you may have a claim for damages against the company. It is time that Syngenta be held accountable. Contact a business attorney serving Atlanta today.Contact Atlanta business lawyers at The Angell Law Firm
The Angell Law Firm is experienced in helping individuals and businesses who have suffered financially as a result of the negligence and incompetence of another company. Contact The Angell Law Firm to speak with a business attorney serving Atlanta about how you may be entitled to receive compensation for the losses you have suffered as a result of Syngenta’s actions.