The Wall Street Journal recently reported that Bayer AG has tentatively reached agreement on settlement terms with six law firms who represent tens of thousands of plaintiffs allegedly damaged by the use of Roundup weed killer (). According to sources familiar with the matter, the litigation is moving closer to a final resolution.
The six large law firms are negotiating with Bayer on behalf of numerous other firms that represent a significant portion of the plaintiffs who have brought suit against the pharmaceutical giant. Bayer is looking for a way to continue selling Roundup to consumers, while also putting an end to litigation that has had a tremendous negative effect on the price of its stock.
Bayer and the various plaintiffs attorneys have been exchanging views on a settlement in the range of $10 billion over the last few months. According to one person familiar with the situation, the deal will likely still be in the neighborhood of that number
However, multiple sources warned that the deal could still fall apart before a formal agreement is signed. Parties on both sides have not officially committed to anything, and Bayer has maintained that protection from future litigation will be an absolute requirement for any settlement.
Bayer would ideally like to reach a settlement prior to its annual meeting at the end of April. Even a huge settlement figure might be preferable to nervous investors who are most frightened of the unknown.
Court-appointed mediator Kenneth Feinberg said he is “cautiously optimistic that a settlement can be reached” but it is “premature” to suggest that any deal has been finalized. A Bayer spokesman said, “Mediation discussions continue in good faith under a court order requiring confidentiality, and the company cannot comment on speculation about outcomes, timing or progress.”
Bayer is currently facing tens of thousands of lawsuits alleging a link between Roundup and cancer. If a settlement is reached, it will be vastly more difficult for those who have not yet filed suit to receive compensation for their claims. Time is running out for you to seek the advice of an attorney if you believe you may have been exposed to Roundup.
Please call Davis, Bethune & Jones at 1-800-875-5972 for a free consultation. Our experienced personal injury attorneys will ensure that your rights are protected and you receive the compensation you deserve.