Monsanto resume collection royalties soybeans in Brazil

Monsanto to resume collection of royalties for soybeans in Brazil

5:00 AM, 5th December 2012
Monsanto to resume collection of royalties for soybeans in Brazil

MATO GROSSO, BRAZIL: The Court of Justice of the State of Mato Grosso, Brazil decided that Monsanto can resume its collection of royalties for Roundup Ready soybeans in the State of Mato Grosso. Monsanto will collect and temporarily place associated royalties for Mato Grosso into an escrow account, pending the outcome of the appeal process as well as full case which will be heard in due course. The company’s appeal will now continue as a part of the ongoing process at the state and federal levels.

Monsanto collections for first-generation Roundup Ready soybeans had been temporarily suspended by a prior state court ruling. For the time being, these collections will be maintained in escrow. In addition, royalty collection in other states will resume.

“This action reinforces our confidence in our ongoing legal position and highlights that the company’s first-generation Roundup Ready soybean products are protected by various intellectual property rights under Brazilian law,” said Todd Rands, Legal Director for Latin America, Monsanto.

© WOC News 

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