Bayer to Pay Over $10 Billion to Settle Lawsuits Over Monsanto's Weedkiller

MOSCOW (Sputnik) - German pharma giant Bayer said Wednesday it will pay up to $10.9 billion to settle a raft of lawsuits against its US affiliate Monsanto's weedkiller Roundup, accused of causing cancer.

"Company will make a total payment of $10.1 billion to $10.9 billion... to resolve current and address potential future Roundup litigation", a statement read.

Bayer has reached a series of agreements to resolve major legacy Monsanto litigation in the U.S.
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— Bayer AG (@Bayer) June 24, 2020

Bayer bought Monsanto, a herbicide and genetically modified seed producer, in 2018, three years after the first lawsuits were filed.

“First and foremost, the Roundup™ settlement is the right action at the right time for Bayer to bring a long period of uncertainty to an end”, Werner Baumann, Chief Executive Officer of Bayer, said.

The German company said $8.8 billion to $9.6 billion will be paid to settle 75 percent of some 125,000 filed and unfiled claims, with the rest going to support a separate class agreement to address potential future litigation.

Bayer stressed that the settlement does not equal admission of liability or wrongdoing and maintains that the glyphosate-based weedkiller has been scientifically proven to be safe.