Connect with us

Hi, what are you looking for?

Stock

Bayer to book extra $4.5 billion provision for Roundup litigation

Stock Markets5 minutes ago (Jul 29, 2021 10:06AM ET)

(C) Reuters. FILE PHOTO: The logo of Bayer AG is seen in a showroom of the German drugmaker where the annual results news conference takes place in Leverkusen, Germany February 27, 2020. REUTERS/Wolfgang Rattay

FRANKFURT (Reuters) – Bayer (OTC:BAYRY) said on Thursday it would book an additional provision of $4.5 billion related to litigation that its weedkiller Roundup can cause cancer.

Bayer made the announcement in an update to investors on how it plans to deal with Roundup-related lawsuits that have dogged the company since it acquired the brand as part of its $63 billion purchase of Monsanto (NYSE:MON) in 2018.

The decision comes after a U.S. judge in May rejected Bayer’s plan to try to limit the cost of future class action over claims that Roundup causes cancer.

Thousands of users have alleged Roundup caused their non-Hodgkin lymphoma, but Bayer has said decades of studies have shown Roundup, and key ingredient glyphosate, are safe for human use.

Bayer said it would file in August a petition seeking a review of a ruling that went in favour of Roundup user Edwin Hardeman.

The German company said a ruling in its favour by the court would effectively end Roundup litigation. But it set aside the new provision should the court decline to hear the case or end up favoring the plaintiff.

Bayer to book extra $4.5 billion provision for Roundup litigation

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

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

You May Also Like

Stock

Stock Markets25 minutes ago (Jul 16, 2021 05:46PM ET) (C) Reuters. FILE PHOTO: Johnson & Johnson’s Neutrogena Cool Dry Sport sunscreen, which is part...

Tech

Builders, creators and developers, this one’s for you! TechCrunch has always been about discovering fresh solutions and shining the light on exciting, new products...

Stock

(C) Reuters. FILE PHOTO: Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad...

World News

Nowadays, you can buy just about anything online and have it delivered directly to your doorstep – even marijuana. Say goodbye to shady websites...

Disclaimer: Wisegazette.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Wise Gazette. All Rights Reserved