Bayer Wants to Settle All Roundup-Related Cancer Claims for $8 Billion [Fortune]
BAYER AG S/ADR (BAYRY)
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Source: Fortune
Pinterest Bayer AG is proposing to pay as much as $8 billion to settle more than 18,000 U.S. lawsuits alleging its Roundup herbicide causes cancer, according to people familiar with the negotiations. Though an agreement may not be imminent, if successful it would ease investor pressure over massive litigation exposure that has weighed on the stock price and fueled speculation about a breakup of the German drug and chemical giant. While Bayer floated paying $6 billion to $8 billion to resolve current and future cases, plaintiffs’ lawyers want more than $10 billion to drop their claims, the people said, asking not to be identified because they weren’t authorized to speak publicly about the talks. How much to include to compensate consumers who have yet to be diagnosed with illness is a sticking point that may take months to overcome, they added. Bayer shares surged more than 11% early Friday in Frankfurt, the most in a decade on an intraday basis. They’ve still fallen about one-third in
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