The Strategist

Bayer is about to settle the glyphosate case in USA


05/27/2020 - 07:25



Bayer, a German chemical company, has reached a settlement with most plaintiffs in the US glyphosate pesticide lawsuit. The agreement extends to an estimated 50-85 thousand out of about 125 thousand plaintiffs, Bloomberg reported, citing informed sources.



Conan via flickr
Conan via flickr
The agreement has not yet been signed. Under its terms, each of the plaintiffs will receive several thousand to several million dollars. According to Bloomberg estimates, the settlement will cost Bayer almost $ 10 billion. The concern’s representative in the United States refused to confirm the information distributed by the agency.

In 2018, Bayer acquired the American company Monsanto, which produces glyphosate pesticides. Plaintiffs in the USA claim that they have developed cancer due to these substances.

After the first court decisions, a mediation procedure was launched to seek a settlement. According to Bloomberg, the current agreement should be announced in June. Prior to this, they must be approved by Bayer’s Supervisory Board.

Representatives of shareholders sharply criticized the decision of Bayer to take over Monsanto due to the depreciation of shares. At the main meeting in late April 2019, the shareholders therefore refused to approve the report of Bayer CEO Werner Baumann and the concern's board on the work done. Nevertheless, the supervisory board of Bayer then sided with the board.

source: bloomberg.com