Monsanto Need Not Pay Award, Court Says
Reuters
Monsanto Co. said it will not have to pay $174.5 million to seed producer Mycogen in a plant gene technology dispute, after a ruling by the California Supreme Court.
“We’re delighted that [the court] has concluded that the jury award was improper and that this litigation is at an end,†said Robert Fraley, chief technology officer for Monsanto. Mycogen is a subsidiary of Dow Chemical Co.
Shares of St. Louis-based Monsanto rose $1.39, or 9%, to $17.34 on the NYSE.
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