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Ex-Iowa seed company exec files $80M lawsuit over his firing

Ag/Outdoor, News

July 18th, 2017 by Ric Hanson

ADEL, Iowa (AP) — An executive for a prominent Iowa seed company is alleging he was wrongly fired by Iowa’s richest man and deprived his right to acquire $80 million worth of corporate stock.

Joseph Saluri filed a lawsuit Tuesday against billionaire Harry H. Stine and Stine Seed Company over his termination after 18 years as general counsel and vice president. It alleges Stine fired Saluri in March as part of a conspiracy to enrich others at Saluri’s expense.

Saluri alleges he was fired after trying to exercise his right to increase his ownership in M.S. Technologies, a Stine company that has agreements with Monsanto for soybean trait technologies. He says Stine officials wanted him to waive his right so the ownership could be acquired by Stine’s former son-in-law, but Saluri blocked the deal.