Bayer to pay USD 10 billion to settle US lawsuits alleging glyphosate-based weedkillers cause cancer
Author: Deutsche Welle, Published on: 29 June 2020
"Bayer to pay $10 billion to settle Roundup cancer lawsuits", 24 June 2020
German chemical and pharmaceutical giant Bayer announced on Wednesday that it plans to pay more than $10 billion (€8.9 billion) to settle approximately 95,000 lawsuits in the US related to its product Roundup. The weed killer contains the controversial active ingredient glyphosate, which has been linked to cancer. "The Roundup settlement is the right action at the right time for Bayer to bring a long period of uncertainty to an end," Bayer Chief Executive Werner Baumann said... Bayer, which bought Roundup maker Monsanto in 2018 for $63 billion, has repeatedly defended the safety of the weed killer, pointing to studies that show glyphosate is safe. The company has said it will continue selling Roundup and does not plan to add a cancer warning label to the product. Nonetheless, the German government last year approved a ban on glyphosate beginning in 2023... Bayer hopes the $10 billion class-action settlement will cover approximately 75% of the current litigation against it... Settlement mediator Ken Feinberg said that some 25,000 claims remained unsettled, but he did not expect there to be any more trials against Bayer in the coming months... The company has said it will start making settlement payments this year...