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Friday, November 24, 2006 :: Company to pay farmers $62 million: "Company to pay farmers $62 million
By The Associated Press
MINNEAPOLIS - BASF Corp. will pay a $62 million judgment this week, finally resolving a class action lawsuit that accused the chemical company of defrauding farmers through its marketing of herbicides, a company spokesman said Monday.

Farmers who bought Poast herbicide from 1992 to 1996 are eligible to share in the judgment. Douglas Nill, an attorney for the plaintiffs, estimated that several thousand farmers are eligible, and said he hopes the money can be distributed to them within the next six months.

The U.S. Supreme Court on Monday declined to consider Florham Park, N.J.-based BASF Corp.'s appeal of a decision in March by the Minnesota Supreme Court. The effect was to reaffirm the judgment handed up by a Norman County jury in 2001, thus ending a long legal battle that included several appeals.

BASF will pay the $62 million into an account set up by the plaintiffs' lawyers by Friday, BASF spokesman Mark Stephenson said. Because the company already made provisions in its books, Monday's rulings will not affect BASF's earnings for the quarter, he said. "


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