Bayer shares soared as much as 11% on Friday on a report that the German company...
FRANKFURT - Bayer shares soared as much as 11% on Friday on a report that the German company has proposed to pay up to $8 billion to settle more than 18,000 U.S. lawsuits related to its weedkiller Roundup.
Bayer, which acquired Roundup and other glyphosate-based weedkillers as part of its $63 billion takeover of Monsanto last year, declined to comment. The German drugs and pesticides company has engaged in negotiations with plaintiffs’ lawyers, a person familiar with the matter told Reuters. He added at the time the group was “constructively engaging” in a court-ordered process with mediator Ken Feinberg on the cases heard in federal court. Most of the pending cases, however, have been filed with U.S. state courts.
While Bayer has indicated it could pay $6-$8 billion, plaintiffs’ lawyers want more than $10 billion to drop their claims, the report said.
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