Bayer has agreed to pay more than $10 billion to settle thousands of lawsuits claiming that its Roundup weed killer causes cancer. The company will pay between $8.8 billion and $9.6 billion to settle current lawsuits and then put aside an additional $1.25 billion to cover any future litigation.
Bayer was hit with more than 100,000 lawsuits after a school groundskeeper won a judgment against Monsanto, which Bayer acquired before the decision, claiming that the glyphosate in Roundup caused his non-Hodgkin's lymphoma.
"The decision to resolve the Roundup litigation enables us to focus fully on the critical supply of healthcare and food," Bayer CEO Werner Baumann said in a statement. "It will also return the conversation about the safety and utility of glyphosate-based herbicides to the scientific and regulatory arena and to the full body of science."
Bayer did not admit any wrongdoing or liability as part of the settlement. Individuals will receive between $5,000 and $250,000, according to the New York Times.
The settlement covers roughly 95,000 cases, but the company is still facing lawsuits from about 25,000 people.
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