Mediator Dismisses Report of $8 Million Settlement in Roundup Case
According to mediator Ken Feinberg, Bayer has not offered an $8 million settlement to take care of claims against the company regarding its Roundup weed killer product.
Feinberg dismissed the report in an email last week, causing shares of Bayer to sore more than 10 percent. The value of Bayer shares had previously dropped about a third since their acquisition of the Roundup product. Three unfavorable court rulings in previous glyphosate cases in California have at times dragged Bayer’s market value below what it paid for Monsanto.
Feinberg called the report of the settlement “pure fiction” and stated, “Compensation has not even been discussed in the global mediation discussions.”
Bayer purchased Roundup in 2018 as part of the company $63 million takeover of Monsanto. No statement was issued by the company regarding the report about the potential settlement or the fact that the report was likely false.
One of the company’s chief executives did say last week that the company would consider a settlement, but only on reasonable terms and only if it ends litigation. He also stated the company was participating in court-ordered mediation on the federal cases, but that most cases that are pending are in state courts.
According to a source familiar with the case, plaintiffs have very high expectations concerning their awards and in order for mediation to be successful, they need to let those expectations go. But it is difficult after so many jury verdicts thus far have been unfavorable for Bayer.
The number of plaintiffs in the United States who blame Roundup and other glyphosate-based weedkillers for their cases of cancer has continued its rise from 5,000 to 18,400.