It looks like people are finally taking a stand when it comes to Monsanto who have been forced to pay another fine, this time for $350,000 in order to settle a class action lawsuit brought upon by numerous farmers from over seven different states.
This is not the first time either….they have also had to pay the sum of $2.4 million to reimburse farmers for contaminating their fields with genetically modified wheat that had not been approved for farming.
Prsion Planet report: The news comes amid economic struggles for the biotech juggernaut that have resulted in the loss of share value and poor projections for the long term future. In last year’s fourth quarter, Monsanto reported a loss of $156 million. And for the multi-billion dollar company, it’s not about the monetary figure, but the future of its genetically modified creations that the public just simply isn’t buying.
In the latest legal settlement, we find that Monsanto’s new method of simply paying off farmers just isn’t going to cut it when it comes to international trade. Following the news that GMO wheat had contaminated nearby wheat supplies, Japan and South Korea suspended a number of wheat orders from the United States — a blow towards the national economy in full thanks to Monsanto.
Meanwhile, the EU also had enough, and announced it would be enacting much more serious testing in its wheat shipments to ensure that they are GMO-free. As for Monsanto in the United States? There will be no more rigorous testing or suspension of wheat supply. Instead, the company simply has to pay off the farmers that were affected (and potentially devastated) by the genetic contamination.
As NBC News reports:
“Genetically-modified food giant Monsanto said it will pay about $350,000 to settle class action lawsuits brought by farmers in seven states over tainted wheat. It will also reimburse the plaintiffs’ and their lawyers for a portion of the costs associated with the case. The company said that under the terms of the settlement agreement it can’t disclose how much that will cost.
The lawsuits relate to the discovery of genetically modified wheat on a farm in Oregon in May 2013. The wheat had not been approved, and after the discovery, Japan and South Korea temporarily suspended some wheat orders. The European Union called for tougher testing of shipments from the U.S.”