Ceres Global Ag Corp. announced last week that it has reached a settlement in a legal dispute with the Scoular Company.
A few years ago, Ceres and Scoular entered into an agreement to jointly develop a grain-handling facility and logistics hub at Northgate, Sask.
But in 2014, Ceres officials terminated the agreement and announced they would proceed with the Northgate project on their own.
Scoular later sued, seeking monetary damages and an injunction against Ceres.
The lawsuit was scheduled to be heard by the U.S. District Court of the District of Minnesota.
Last week, Ceres agreed to pay $11.25 million in cash to Scoular. In return, Scoular will release all claims against Ceres.
“Settling this case enabled Ceres to avoid significant trial litigation costs and eliminate risks associated with a trial by jury,” said Ceres president Robert Day.
“Therefore, we are pleased to have it behind us and we look forward to continuing with our long-term growth plans.”
