Bayer reaches verbal deal to settle 85,000 Roundup cancer lawsuits
Bayer AG has reached verbal agreements to resolve a substantial portion of an estimated 125,000 U.S. cancer lawsuits over use of its Roundup weedkiller, according to people familiar with the negotiations.
The deals, which have yet to be signed and cover an estimated 50,000 to 85,000 suits, are part of a $10 billion Bayer plan to end a costly legal battle the company inherited when it acquired Monsanto in 2018, the people said. While some lawyers are still holding out, payouts for settled cases will range from a few million dollars to a few thousand each, said the people, who asked not to be identified because they aren’t authorized to speak publicly.
A surge in Roundup claims, along with some big court losses, have weighed on Bayer since the Leverkusen, Germany-based company spent $63 billion to buy agricultural giant Monsanto — which developed the weedkiller. The shares have dropped about 40% since the deal closed two years ago, wiping out some $39 billion of Bayer’s market value.
See the full, original post here: https://fortune.com/2020/05/25/bayer-roundup-cancer-lawsuit-settle/
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