Bayer acknowledges 'bumps' in $11 billion Roundup deal after judge raises doubts

(Reuters) - German drugs company Bayer AG said on Thursday there were 'bumps' in sealing its $11 billion (8.33 billion pounds) settlement of thousands of U.S. lawsuits over its Roundup weed killer after a U.S.

Reuters August 28, 2020 04:05:08 IST
Bayer acknowledges 'bumps' in $11 billion Roundup deal after judge raises doubts

Bayer acknowledges bumps in 11 billion Roundup deal after judge raises doubts

(Reuters) - German drugs company Bayer AG said on Thursday there were "bumps" in sealing its $11 billion (8.33 billion pounds) settlement of thousands of U.S. lawsuits over its Roundup weed killer after a U.S. judge cast doubt on the progress of the agreement.

Bayer is battling a slew of lawsuits stemming from its $63 billion takeover of seed and chemical company Monsanto in 2018. The company unveiled the settlement in June, which paused the lawsuits while details of the agreement are hammered out.

U.S. District Judge Vince Chhabria threatened to restart the litigation and let it move forward after questioning if Bayer was going back on the settlement, according to a Bloomberg News report. ([https://bloom.bg/34EJ9Mj])

"There are often some bumps in the road in implementing a resolution of this magnitude, but we remain confident that a comprehensive settlement will be finalized and executed," said a statement from Bayer.

A lawyer for consumers said he was prepared to bring cases to trial.

"I agree that these Monsanto's shenanigans need to stop. Either settle or don't -- at this point the only enemy is indecision," Brent Wisner told Reuters.

Chhabria told the parties to continue to finalize the settlement and to confer about next steps should the litigation resume and scheduled a Sept. 24 hearing to discuss progress, according to a source who monitored the hearing.

Chhabria criticized the company's description of the settlement in June and said on Thursday he was inclined to make public several confidential letters from consumer lawyers complaining that Bayer's Monsanto unit is reneging on the deal, Bloomberg News said.

Bayer shares slumped after it closed the Monsanto deal in June 2018 as juries ruled against the company.

As of April, the company had been sued by 52,500 U.S. plaintiffs who blame glyphosate-based weed killers for their cancer.

(Reporting By Mrinalika Roy in Bengaluru and Tom Hals in Wilmington, Delaware; Editing by Shounak Dasgupta and Tom Brown)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.