“Bayer AG agreed to spend more than $12 billion to resolve thousands of U.S. lawsuits and deal with future claims, taking its biggest step so far in resolving headaches the German chemical giant inherited in its acquisition of Monsanto Co.
Agreements were reached on about 95,000 claims filed over Roundup, part of a Bayer plan to spend about $11 billion to settle all litigation over the widely used herbicide, the company said Wednesday. Bayer also will pay as much as $820 million to settle toxic pollution claims and make a $400 million payment for farmers whose crops were damaged by its dicamba herbicide.
Taken together, the accords resolve a trio of major litigation risks that tagged along with Bayer’s $63 billion purchase of Monsanto in 2018. Roundup claims — the biggest liability — surged after big U.S. court losses, and the share decline wiped tens of billions of dollars off Bayer’s market value. Getting past the legal drama is a top priority for Chief Executive Officer Werner Baumann.”