Bayer Settles Major Lawsuit. “German-based company that acquired agrochemical giant Monsanto in 2018..” By Todd Horwitz Chief Strategist BubbaTrading.com

 

Bayer Settles Major Lawsuit

After thousands of lawsuits from cancer patients or their estates, the company behind Roundup weed killer is settling most of the current and possible future lawsuits for more than $10 billion. Bayer, the German-based company that acquired agrochemical giant Monsanto in 2018, made the announcement Wednesday. It comes after years of litigation from cancer patients who claimed Roundup caused non-Hodgkin lymphoma and that Monsanto failed to adequately warn consumers of the risk.

The settlement of Roundup cases in the US “will bring closure to approximately 75% of the current Roundup litigation involving approximately 125,000 filed and unfiled claims overall,” Bayer said in a news release.

“The company will make a payment of $8.8 billion to $9.6 billion to resolve the current Roundup litigation, including an allowance expected to cover unresolved claims, and $1.25 billion to support a separate class agreement to address potential future litigation.” Potential future cases will be governed by a class agreement that’s subject to court approval, the company said. Bayer said the settlement agreements “contain no admission of liability or wrongdoing.”

Kenneth Feinberg, a court-appointed mediator for the settlement, called the deal a “constructive and reasonable” resolution. “The significant progress made to date — which exceeds the initial participation rates of other claims resolution proceedings — provides a robust framework that will enable the parties to bring closure to the current Roundup litigation in due course,” he said in the statement from Bayer.

A jury awarded the California groundskeeper, Dewayne Johnson, nearly $290 million in damages in August 2018 after it found Monsanto failed to warn Johnson and other consumers about the risks posed by its weed-killing products. A judge upheld the decision upon appeal but lowered the damages to $78 million due to what she considered an overreach in punitive damages decided by the jury.

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Todd “Bubba” Horwitz
BubbaTrading.com

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Todd Horwitz - Author of “Average Joe Options“. Todd began his trading career in 1980 at the CBOE. He was one of the original traders in the OEX & helped start the SPX. He is a member the CME where he trades S&P futures as well as foreign currencies & is a regular contributor to CNBC, Bloomberg, BNN, Fox & many other major news networks.