The agricultural giant was found to have been selling genetically modified cotton seeds without labeling them as such. Between 2002 and 2007, Monsanto’s seeds were illegally sold in several Texas counties where the seeds are explicitly banned.
The seeds — known as Bollgard and Bollgard II — were genetically engineered to produce the insecticide Bacillus thuringiensis (Bt), and Texas officials were concerned that using the seeds would lead to pest resistance.
But that didn’t stop Monsanto from bamboozling buyers into purchasing the illegal seeds.
Here’s the bad news: Monsanto’s market cap is $29.5 billion,
so the fine is less than a hundredth of a percent of that.
Still, the fines keep going up. Maybe eventually they’ll get big enough to sting.
Or we could just trust the company that made Agent Orange and DDT.
France’s highest court has ruled that U.S. agrochemical giant Monsanto had not told the truth about the safety of its best-selling weed-killer, Roundup. The court confirmed an earlier judgment that Monsanto had falsely advertised its herbicide as “biodegradable” and claimed it “left the soil clean.”
It’s about time some court decided that.
Now let’s hear some U.S. court say the same thing.
The company was fined 15,000 euros (£13,800; $22,400).
Earlier this month, Monsanto reported a fourth quarter loss of $233m (£147m), driven mostly by a drop in sales of its Roundup brand.
Now that’s getting closer to an appropriate size.
Largely driven by the state of the economy no doubt.
How about a court-imposed fine of that size or larger?
Monsanto has a market cap of $43.6 billion so larger would be appropriate.