Bayer to pay up to $10.9 billion to settle Monsanto case

National
Roundup_Weed_Killer_Cancer_79958-159532.jpg32376620

FILE – In this June 28, 2011, file photo, bottles of Roundup herbicide, a product of Monsanto, are displayed on a store shelf in St. Louis. German drug and chemicals company Bayer AG announced Monday, May 23, 2016, that it has made a $62 billion offer to buy U.S.-based crops and seeds specialist Monsanto. A […]

BERLIN (AP) – German pharmaceutical company Bayer says it’s paying up to $10.9 billion to settle a lawsuit over subsidiary Monsanto’s weedkiller Roundup, which has faced numerous lawsuits over claims it causes cancer.

In a statement Wednesday, Bayer said it was also paying up $1.22 billion to settle two further cases, one involving PCB in water.

The Leverkusen-based company said the Roundup settlement would “bring closure to approximately 75%” of the current 125,000 filed and unfiled claims.

It said the agreement is subject to approval by Judge Vince Chhabria of the U.S. District Court for the Northern District of California.

Bayer said it would also pay up to $400 million to settle cases involving the weedkiller dicamba having drifted onto plants that weren’t bred to resist it, killing them.

A further payment of up to $820 million will be made to settle “most” claims for exposure to PCB, a highly carcinogenic substance, that Monsanto produced until 1977 and which has been found in U.S. waters

Bayer said it would start making payments this year and these would be financed from existing liquidity, future income, proceeds from the sale of its animal health business and the issuance of additional bonds.

Latest Stories:

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Tracking COVID-19 in the Bay Area

Trending Stories

Latest News

More News