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.
Todd Horwitz Chief Strategist BubbaTrading.com
Stop being a prophet and make profits
Saturday June 27th at Noon EDT Micro Mini Portfolio Management Webinar: I will be hosting a webinar on our Mini Micro Futures Portfolio Management. This program has been a huge success, you are invited to join the presentation at Saturday June 27th at Noon EDT. This is a can’t miss event and is free to attend.