Bayer Shares Fall After Judge Questions Part of Proposed Settlement
Bayer shares fell more 6% on Tuesday after a U.S. judge questioned part of the German company's proposed settlement to deal with future claims relating to allegations that its widely used weedkiller Roundup caused cancer.
Last month Bayer agreed to pay as much as $10.9 billion to settle close to 100,000 U.S. lawsuits related to Roundup.
That included $1.25 billion to support a separate class agreement to address potential future litigation. That part of the settlement requires court approval.
"The Court is skeptical of the propriety and fairness of the proposed settlement, and is tentatively inclined to deny the motion," Judge Vince Chhabria said in a filing with the United States District Court, Northern District of California.
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Last month Bayer agreed to pay as much as $10.9 billion to settle close to 100,000 U.S. lawsuits related to Roundup.
That included $1.25 billion to support a separate class agreement to address potential future litigation. That part of the settlement requires court approval.
"The Court is skeptical of the propriety and fairness of the proposed settlement, and is tentatively inclined to deny the motion," Judge Vince Chhabria said in a filing with the United States District Court, Northern District of California.
Click Here to read more.