Business Briefing
Published 12:00 am Wednesday, December 24, 2014
Monsanto, DuPont agree to settle
The nation’s top seed makers, Monsanto and DuPont, have agreed to settle and dismiss lawsuits pending against each other in U.S. District Court in St. Louis.
In a joint statement issued Tuesday, the rivals said the patent infringement lawsuits have been dropped but did not offer settlement details.
The lawsuits dealt with claims by Creve Coeur-based Monsanto accusing DuPont of infringing on seed chipping patents. DuPont accused Monsanto of infringing on seed processing patents.
The settlement of these lawsuits appears to end an assortment of legal disputes between the competitors, who also do business with each other.
The companies said they have no other lawsuits pending.
Last year, the two companies announced a series of licensing agreements that allow DuPont to use Monsanto’s latest soybean innovation — Roundup Ready 2 Yield — through 2023. The deal was said to have a minimum value of $1.75 billion.
That agreement followed months of negotiations after a $1 billion verdict against DuPont in 2012. A St. Louis jury found that the DuPont infringed against Monsanto’s soybean technology patents.
As part of the new licensing agreements, Monsanto agreed to waive the $1 billion verdict.
—From wire reports