Bayer AG agreed to settle U.S. lawsuits claiming that its widely-used weedkiller Roundup caused cancer, for as much as $10.9 billion after more than a year of talks, resolving litigation that has hit the company’s share price.
The German drugs and pesticides maker has come to terms with about 75% of the current Roundup plaintiffs, involving about 125,000 filed and unfiled claims overall, it said in a statement on Wednesday.
The settled cases account for about 95% of those currently set for trial, it added.
“The Roundup settlement is the right action at the right time for Bayer to bring a long period of uncertainty to an end,” Bayer Chief Executive Werner Baumann said.
The company added it will make a payment of $8.8-$9.6 billion to resolve the current Roundup litigation — including an allowance expected to cover unresolved claims — and $1.25 billion to support a separate class agreement to address potential future litigation.