Bayer Wednesday announced a series of agreements that will substantially resolve major outstanding Monsanto litigation. The announcement includes a settlement on U.S. Roundup product liability litigation, dicamba drift litigation and PCB water litigation.
According to Bayer, the main feature is the U.S. Roundup resolution that will bring closure to approximately 75% of the current Roundup litigation involving approximately 125,000 filed and unfiled claims overall. 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.
Bayer also resolved dicamba drift litigation for payment of up to $400 million and most PCB water litigation exposure for payment of approximately $820 million. Bayer CEO Werner Baumann adds, “As we work to put this major litigation behind us, Bayer can set a course for the future and tackle the global challenges we face in both health and nutrition.”
(From the National Association of Farm Broadcasters)