Bloomberg writer Tim Loh reported yesterday that, “Bayer AG Chief Executive Officer Werner Baumann said he’d consider a ‘financially reasonable’ settlement of litigation over the weedkiller Roundup as the caseload swells and the company’s shares slump anew.
“The number of lawsuits from people in the U.S. who say the herbicide caused them to develop cancer rose by about 5,000 to 18,400, Bayer said in a statement. The company also revealed more troubles at its crop-science division on Tuesday after bad weather curbed demand from farmers.
“Quarterly sales and earnings missed estimates and the German company questioned its ability to meet its full-year forecast. The shares fell 3.4 percent in Frankfurt.”
The Bloomberg article stated that, “Baumann said on a conference call that he is open to a settlement as long as it resolves all Roundup litigation. He repeated that the herbicide is safe, that the cases have no merit and that the company is ‘constructively engaging’ with court-appointed mediator Ken Feinberg.
“After the call, Bayer declined to say how much a ‘financially reasonable’ sum would be or whether Baumann was referring only to the current load of cancer cases or the possibility of future Roundup suits tied to other ailments.”
