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Bayer Soars After $10.5 Billion Settlement On Current And Future Roundup Cancer Lawsuits
Bayer stock jumped the most in three months after the company announced a $10.5 billion settlement push to settle current and future cancer lawsuits over its Roundup weedkiller. The news was first reported by Bloomberg.
The German chemical giant proposed a $7.5 billion class-action settlement through cases filed in state court in Missouri designed to resolve Roundup suits that already have been filed and potential claims that could be filed over a 20-year period.
Bayer also announced $3 billion in settlements of existing U.S. cases in which former Roundup users blame the herbicide for causing their non-Hodgkins lymphoma, it reported.
The company has paid about $10 billion to settle most of the Roundup lawsuits that were pending as of 2020, but failed to get a settlement covering future cases. New lawsuits have continued to pour in since then. Plaintiffs have said they developed non-Hodgkin's lymphoma and other forms of cancer due to using Roundup, either at home or on the job.