BERLIN (AP) — Bayer said Wednesday that it will pay up to $10.9 billion to settle litigation over the weedkiller Roundup, which has faced thousands of lawsuits over claims it causes cancer.
Bayer said it was also paying up $1.22 billion to settle two additional areas of intense litigation, one involving toxic chemical PCB in water, and one involving dicamba, another weedkiller.
The company said the settlement over Roundup, which is made by its Monsanto subsidiary, involves about 125,000 filed and unfiled claims. Under the agreement, Bayer will make a payment of $8.8 billion to $9.6 billion to resolve current litigation, and $1.25 billion to address potential future litigation, even as the company continues to maintain that Roundup is safe.
“In short, this is the right action at the right time for Bayer,” CEO Werner Baumann said during a conference call with reporters. In a statement, he called the settlement “financially reasonable when viewed against the significant financial risks of continued, multi-year litigation and the related impacts to our reputation and to our business.”