“In an expensive clean-up of Monsanto litigation messes, Bayer AG said Wednesday that it will pay out more than $10 billion to settle tens of thousands of U.S. claims brought against Monsanto over its Roundup herbicide, as well as $400 million to resolve lawsuits over Monsanto’s dicamba herbicide and $650 million for PCB pollution claims.
The resolutions come two years after Bayer bought Monsanto for $63 billion and almost immediately saw share prices plummet due to the Roundup liability.
Bayer announced that it will pay $10.1 billion to $10.9 billion total to resolve roughly 75 percent of the claims by an estimated 125,000 people who allege exposure to Monsanto’s Roundup weed killers caused them to develop non-Hodgkin lymphoma. The deal includes plaintiffs who have retained attorneys with the intent to sue but whose cases have not yet been filed, Bayer said. Within that total, a payment of $8.8 billion to $9.6 billion will resolve the current litigation and $1.25 billion is being set aside to support potential future litigation, the company said.”
Reuters is reporting:
“Bayer AG is close to agreeing a settlement worth $8-10 billion over claims its glyphosate-based Roundup weedkiller causes cancer, German business daily Handelsblatt reported on Tuesday.
The company’s supervisory board was due to discuss and vote on the settlement, which includes a $2 billion buffer for future claims, in the coming days, paper cited company and negotiating partner sources as saying.”
“The amount of the comparison is said to be the most recently reported sum of eight to ten billion dollars. Two billion dollars of this is considered a “reserve” with which Bayer can settle the claims of future plaintiffs.
The rest will settle all of the lawsuits pending in the United States from users of the controversial weed killer who blame Roundup, the glyphosate agent, for their cancer. The number was more than 50,000 recently.”