Reuters
Igene announces settlement of ADM suit
Wednesday October 1, 5:29 pm ET
CHICAGO, Oct 1 (Reuters) - Igene Biotechnology Inc (OTC BB:IGNE.OB - News) on Wednesday announced it had settled a lawsuit with agribusiness Archer Daniels Midland Co. (NYSE:ADM - News) alleging the theft of a trade secret that alters the color of salmon raised in captivity.
In the lawsuit, originally filed in 1997, Igene alleged that a former Igene employee gave ADM trade secrets on how to breed farm-raised salmon that have a rosy, appetizing color similar to wild salmon.
Igene contended the former employee gave ADM trade secrets on how to alter the color of the fish, and ADM countersued, accusing Igene of patent infringement.
Published reports at the time the lawsuit was filed said Igene was seeking $300 million in damages, but no details of the settlement were announced.
Igene said in a statement that the suit's resolution "did not result in an unfavorable outcome to Igene."
Igene and ADM officials were unavailable for comment.
Columbia, Maryland-based Igene is a biotechnology company that focuses on the development, production and marketing of specialty ingredients for human and animal nutrition.
Decatur, Illinois-based ADM is one of the world's largest processors of soybeans, corn and wheat. |
