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Million-dollar fine: Bayer suffers another setback in glyphosate lawsuit

2023-12-07T21:26:49.655Z

Highlights: A U.S. court has ordered Bayer to pay $3.5 billion. The verdict represents the fifth court bankruptcy in a row. This time, a woman in the state of Pennsylvania had filed a lawsuit against the German company. She claimed that contact with the weed killer Roundup was the cause of her cancer. Bayer, on the other hand, attributed the illness to the woman's smoking consumption and has already announced that it will appeal the verdict. The company is experiencing a difficult financial year.



Status: 07.12.2023, 22:21 p.m.

By: Caspar Ibel

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The Bayer logo in the sun. © Hendrik Schmidt / dpa

A U.S. court has ordered Bayer to pay $3.5 billion. The verdict represents the fifth court bankruptcy in a row.

Philadelphia – Agricultural and pharmaceutical company Bayer was found guilty again on Tuesday in connection with the glyphosate-containing weed killer Roundup. The product is suspected of causing cancer. This time, a woman in the state of Pennsylvania had filed a lawsuit against the German company. She claimed that contact with the weed killer Roundup was the cause of her cancer. The jury found in favor of the woman. Bayer, on the other hand, attributed the illness to the woman's smoking consumption and has already announced that it will appeal the verdict.

Ruling confirms negative trend in glyphosate court cases

Prior to the wave of defeats, Bayer had successfully dismissed a number of lawsuits. However, the company has now been found guilty in the last five trials. Most recently, in November, to a substantial sum of $1.56 billion. The plaintiffs explain the trend reversal in the proceedings with increasing scientific evidence.

Bayer's investors have been pushing for a quick settlement of the lawsuits for some time. For example, the Leverkusen-based company has already been able to resolve 113,000 cases of the U.S. lawsuit through costly settlements. However, according to the Reuters news agency, another 50,000 lawsuits are pending.

Bayer's share price remains stable despite defeat

The ruling did not have an immediate impact on the share price. In the course of the day and also on Wednesday, the price rose slightly. This could be due to the fact that the payment is significantly lower compared to previous procedures. However, the company is experiencing a difficult financial year. In addition to the lost lawsuits, the hope of a successor to the anticoagulant Xarelto recently had to be buried. While the share price was still above 60 euros at times in February or April, it has currently settled at 30 euros. The pending legal proceedings and an internal review of a possible split of the company will remain crucial for investors in the new year.

Source: merkur

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