Court slashes damages payment for pharma giant Bayer in Roundup case [Yahoo! Finance]
BAYER AG S/ADR (BAYRY)
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Source: Yahoo! Finance
A court in Philadelphia reduced the damages awarded to the plaintiff by a jury from $2.25 billion (€2.1 billion) to $400 million (€367.5 million), court documents revealed late on Tuesday. This was the highest amount of damages since the Roundup weedkiller litigation began in 2018, but Bayer announced that it would appeal. The company said the court had reduced the "unconstitutionally high" damages, but "we do not agree with the court's decision on the merits." The proceedings had serious errors which must be corrected, the company claimed. Bayer also points out that the company has prevailed in court in 14 of the most recent 20 cases. Most of the lawsuits have been settled, it added. Bayer brought the problems surrounding the glyphosate-based weed killer Roundup into the company in 2018 with the acquisition of the US company Monsanto, which cost over $60 billion. A first judgement against the DAX-listed company followed in the same year. This set off a wave of lawsuits in th
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