News

Bayer $11 billion settlement for Roundup weed killer hits “bumps”

Drug giant Bayer AG said on Thursday there were “bumps” in sealing its $11 billion settlement of thousands of U.S. lawsuits over its Roundup weed killer after a U.S. judge cast doubt on the progress of the agreement.

BAYER CHAIRMAN QUITS 

The Germany-based Bayer is battling a slew of lawsuits stemming from its $63 billion takeover of seed and chemical company Monsanto in 2018. The company unveiled the settlement in June, which paused the lawsuits while details of the agreement are hammered out.

U.S. District Judge Vince Chhabria threatened to restart the litigation and let it move forward after questioning if Bayer was going back on the settlement, according to a Bloomberg News report.

WHOLE FOODS, SABRA HUMMUS COULD CONTAIN CANCER-LINKED WEEDKILLER FOUND IN ROUNDUP

“There are often some bumps in the road in implementing a resolution of this magnitude, but we remain confident that a comprehensive settlement will be finalized and executed,” said a statement from Bayer.

A lawyer for consumers said he was prepared to bring cases to trial.

Ticker Security Last Change Change %
BAYRY BAYER AG 16.67 -0.34 -2.03%

“I agree that these Monsanto’s shenanigans need to stop. Either settle or don’t — at this point the only enemy is indecision,” Brent Wisner told Reuters.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Chhabria told the parties to continue to finalize the settlement and to confer about next steps should the litigation resume and scheduled a Sept. 24 hearing to discuss progress, according to a source who monitored the hearing.

Chhabria criticized the company’s description of the settlement in June and said on Thursday he was inclined to make public several confidential letters from consumer lawyers complaining that Bayer’s Monsanto unit is reneging on the deal, Bloomberg News said.

READ MORE:   Coronavirus: L.A. will stop ticketing during street sweeping

CLICK HERE TO READ MORE ON FOX BUSINESS

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close