7/29/2021, 5:03 PM (Source: TeleTrader)
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Bayer allocates $4.5B for weedkiller lawsuit

Bayer pharmaceutical company announced on Thursday that it has drawn up a five-point plan to address the litigation over its weedkiller Roundup that reportedly can cause cancer, the company is also booking an additional provision of $4.5 billion for possible settlements or further legal proceedings.

The decision comes following the US court's rejection of Bayer's attempt to limit the cost of future legal rounds. Thousands of users of the weedkiller claim that the key ingredient, glyphosate, causes non-Hodgkin lymphoma, but Bayer argues that decades of studies have not proven that.

"We want to make it clear to our investors that the risks of the glyphosate legal dispute are appropriately reflected in the balance sheet and that the financial situation can even be significantly better represented by an advantageous decision by the Supreme Court," Werner Baumann, Bayer's CEO, told investors.

Baha Breaking News (BBN) / LH