"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.— Bayer AG (@Bayer) June 24, 2020
Learn more: https://t.co/crqNTLIkVd
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.