Bayer mediator says no Roundup settlement figures have been discussed
NEW YORK/FRANKFURT - Bayer AG has not offered to pay billions of dollars to settle claims in the United States related to the Roundup herbicide, mediator Ken Feinberg said, dismissing a report to that effect which drove its shares as much as 11% higher.
Bayer shares, which had shed some of their gains before Feinberg’s statement, retreated further and closed up 1.7% at 64.63 euros. He added at the time the group was “constructively engaging” in a court-ordered process with mediator Feinberg on the cases heard in federal court. Most of the pending cases, however, have been filed with U.S. state courts.
“The problem is, how do you get the plaintiffs to climb down from their very high expectations? None of the jury verdicts so far have been favorable for Bayer,” one of the sources said, adding that talks were focused on basic questions such as how to handle potential future claims. The company, which says regulators and extensive research have found glyphosate to be safe, has previously said it was banking on U.S. appeals courts to reverse or tone down three initial court rulings that have so far awarded tens of millions of dollars to each plaintiff.
FILE PHOTO: The logo of Bayer AG is pictured at the facade of the historic headquarters of the German pharmaceutical and chemical maker in Leverkusen, Germany, May 14, 2019. REUTERS/Wolfgang Rattay/File Photo
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