Monsanto Co. (MON) said that it reached a settlement agreement with soft white wheat farmers in the Pacific Northwest that resolves a number of lawsuits related to the May 2013 discovery of genetically-modified wheat on a farm in Eastern Oregon and subsequent temporary limits on certain exports of soft white wheat.
As per the settlement and without any admission of liability, Monsanto has agreed to pay: a total of $250,000 to wheat growers' associations, including $100,000 to the National Wheat Foundation, and $50,000 each to the Washington Association of Wheat Growers, the Oregon Wheat Growers' League, and the Idaho Grain Producers' Association; and $2.125 million into a settlement fund, which will be designated to pay farmers in Washington, Oregon, and Idaho who sold soft white wheat between May 30, 2013 and November 30, 2013.
"Rather than paying the costs of protracted litigation, this agreement puts that money to work in research and development efforts for the wheat industry, while providing a negotiated level of compensation for farmers with documented soft white wheat sales from May 30 to November 30, 2013. Resolution in this manner is reasonable and in the best interest of all of the parties," said Kyle McClain, Monsanto chief litigation counsel.
In the event that any portion of the settlement fund remains after claims are paid, up to $250,000 of the remainder will be added as donations to the wheat associations listed above. As part of the resolution of these claims, Monsanto will also reimburse plaintiffs' counsel for a portion of their out-of-pocket costs and fees associated with this litigation.
The company noted that the settlement will not resolve claims that remain pending by wheat growers who grew a type of wheat other than soft white wheat.
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