Bayer has reached an agreement on Roundup class action
Bayer group seems to have reached an agreement on a settlement with the majority of people who sued the company over the pesticide Roundup. Bloomberg writes this on the basis of insiders. Roundup, which was developed by the American company Monsanto, came into the hands of Bayer after the takeover of that company. The active agent glyphosate is said to be a carcinogen, which has caused Bayer some 125,000 victims’ lawsuits.
Bayer would now have reached a settlement with 50,000 to 85,000 people. They receive an amount of several thousand dollars to several million dollars, depending on how serious their situation is. The deal is part of Bayer’s plan to settle the Roundup claims as soon as possible. The German chemical group would spend up to $ 10 billion on that.
The settlements were to be announced next month. Then the complainants’ lawyers would also sign the agreement reached.
Bayer bought Monsanto in the summer of 2018 for 53 billion euros. Since then, Bayer’s share price has fallen 42 percent, partly due to the Roundup claims. With that, about 36 billion euros in market value disappeared.