Syngenta is offering a settlement on class-action lawsuits filed across the country. (Photo by Pamela Smith)

OMAHA (DTN) -- Syngenta on Tuesday announced a settlement with farmers who sued the company following the release of Agrisure Viptera and Agrisure Duracade MIR 162 corn traits.

Details of the settlement have not been released at this point, but other media outlets reported on Tuesday the settlement was worth about $1.5 billion.

According to a news release from Syngenta, the settlement, which is subject to court approval, would create a settlement fund for the "submission of claims by eligible claimants" who contracted to price corn or corn byproducts after Sept. 15, 2013.

"Information concerning the settlement fund, claims process and other details will become available after the parties execute and submit the proposed settlement agreement and other papers to the court later this year," the company said in a news release.

"The proposed settlement would allow both sides to avoid the uncertainty of ongoing litigation. The settlement does not constitute an admission by either side concerning the merits of the parties' allegations and defenses."