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Bayer's Monsanto faces 8,000 lawsuits on glyphosate

Published: August 23, 2018
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Source: Reuters

<i>Roundup by <a href='https://www.flickr.com/photos/jeepersmedia/'>Mike Mozart</a> on <a href='https://www.flickr.com/photos/jeepersmedia/26133876014'>flickr</a></i>
Roundup by Mike Mozart on flickr

FRANKFURT (Reuters) - The number of U.S. lawsuits brought against Bayer’s (BAYGn.DE) newly acquired Monsanto has jumped to about 8,000, as the German drugmaker braces for years of legal wrangling over alleged cancer risks of glyphosate-based weedkillers.

Bayer had previously disclosed 5,200 such lawsuits against Monsanto, which it acquired in a $63 billion deal completed in June.

“The number of plaintiffs in both state and federal litigation is approximately 8,000 as of end-July. These numbers may rise or fall over time but our view is that the number is not indicative of the merits of the plaintiffs’ cases,” Bayer Chief Executive Werner Baumann told analysts in a conference call on Thursday.

Bayer shares have lost more than 10 percent since Monsanto was ordered on Aug. 10 to pay $289 million in damages in the first U.S. lawsuit over glyphosate-based weedkillers such as Roundup and Ranger Pro.

 

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