(Natural News) – “Monsanto tentatively agreed to a $93 million settlement with some residents of Nitro, West Virginia. Nitro is a small town that got its name from manufacturing explosives during WWI. It was also the site of a Monsanto chemical plant that manufactured 2,4,5-T herbicide that was half of the Agent Orange recipe. Herbicide 2,4,5-T was contaminated with the caustic by-product dioxin. This settlement may open the floodgates to successfully suing Monsanto for its poison.
After 7 years of litigation, and on the heels of the EPA releasing part of its dioxin assessment report, Monsanto has made a tentative agreement to settle a class action suit with some Nitro residents for a total of $93 million.
Here are the proposed settlement figures:
Medical Testing: $21 Million
Additional Screening: $63 Million
Cleanup of 4500 homes: $9 Million
Bloomberg reports that this settlement will reduce Monsanto’s 2012 net income by 5 cents per share, but Monsanto may face additional lawsuits and fines. There are potentially 80,000 property damage claims alone that could cost Monsanto $3.9 billion in cleanup costs. Dioxin has contaminated soil and has been found in dust in residents’ homes at very high levels.” – Click for Official Monsanto Press Release