A state circuit court in Clarksdale, Mississippi, has granted Monsanto Company's (NYSE: MON) request for partial summary judgment in a lawsuit brought by Delta and Pine Land (D&PL) Company, thereby eliminating a key element of DPL's damage claim against Monsanto.  D&PL had sought damages for lost stock market value of approximately $1 billion.

"We're pleased that the court determined that Delta and Pine Land had no right to pursue a damage claim for lost market value," said Charles W. Burson, general counsel for Monsanto.

In mid-September, on a separate motion, the circuit court also ruled in Monsanto's favor on a significant pre-trial discovery dispute.  In papers filed with the court regarding that decision, D&PL has said this ruling will cause it substantial and irreparable harm and is seeking a stay from the court and permission for an immediate appeal of the decision to the Mississippi Supreme Court.

No trial date has been set.

In May 1998, Monsanto and Delta and Pine Land announced they had reached an agreement to merge D&PL into Monsanto, subject to the approval of Delta & Pine Land's shareowners.  In December 1999, Monsanto withdrew its filing for approval of the proposed merger with Delta and Pine Land Company in light of the U.S. Department of Justice's unwillingness to approve the transaction on commercially reasonable terms.  D&PL sued Monsanto in January 2000, seeking unspecified compensatory damages, including lost stock market value of approximately $1 billion.

Monsanto Company a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality.