Bayer lawyer dismisses Bloomberg report on $8 billion Roundup settlement

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Bayer lawyer dismisses Bloomberg report on $8 billion Roundup settlement

After a Bloomberg report revealed earlier that German bioscience behemoth, Bayer AG had offered to pay a hefty sum of $8 billion to settle US claims on liabilities linked to its Monsanto weedkiller Roundup containing cancer-causing Glyphosate, shares of Bayer shoot up 11 percent higher, but on Friday, the 9th of August 2019, Bayer AG lawyer, Ken Feinberg, specialized in handling alternative lawsuits, had been quoted saying that Bayer AG had been in talk with US regulators, yet the Leverkusen-based pharmaceutical company didn’t offer any kind of deal.

Labelling Bloomberg’s latest report a “pure fiction” on Bayer’s Monsanto weedkiller Roundup, Feinberg said in an emailed statement on Friday (August 9th), “Bayer has not proposed paying $8 billion to settle all the U.S.

Roundup cancer claims. Such a statement is pure fiction. Compensation has not even been discussed in the global mediation discussions”. Nonetheless, followed by the comments of Bayer lawyer, Fein, an American lawyer and a mediator, Bayer shares, which had been losing some of its footings, retreated further and wrapped up the day up by 2.64 percent to €64.63 a share in extended trading, after rising as much as 8.01 percent during pre-market trading.

Bayer purchased Monsanto last year at a havoc-scale $63 billion deal that in effect had made the German bioscience mogul, the second-largest biotech firm across the globe, a subject to a bundle of lawsuits claiming liabilities on uses of its cancer-causing glyphosate in its Monsanto weedkiller Roundup.