As announced today, Syngenta and attorneys for several community water systems have agreed to settle litigation related to the herbicide atrazine in order to end the business uncertainty and expense of protracted legal proceedings. The proposed settlement agreement which requires court approval was filed with the United States District Court for the Southern District of Illinois on May 24, 2012.
Under the terms of the agreement, Syngenta expressly denied liability and the plaintiffs acknowledged that they are not aware of any new scientific studies relating to atrazine.
The total cost of the settlement for Syngenta is $105 million, which will be charged to the income statement in 2012. The charge is partly covered by provisions and the impact on earnings will be approximately $0.5 per share.
Syngenta will continue to market atrazine as part of its comprehensive corn herbicide portfolio enabling US growers to achieve optimal weed control.
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