LEVERKUSEN, Germany--(BUSINESS WIRE)--Feb 3, 2021-- Bayer announced today a formal agreement with plaintiffs’ class counsel on a class plan designed to manage and resolve future Roundup cases. Plaintiffs’ class counsel are filing today a motion for preliminary approval of the class agreement with Judge Vince Chhabria of the U.S. District Court for the Northern District of California, who presides over the Monsanto Roundup™ multi-district litigation. As part of the agreement, the company would be committed to pay up to $2 billion, provision for which was made and disclosed last year, to support the claims and programs covered by the class plan. The class plan is intended to be one part of a holistic solution designed to provide further closure to the Monsanto Roundup™ litigation.
The filing of a motion for preliminary approval today begins the review process by the court. In structuring the plan, the parties have worked diligently to address questions previously raised by the court.
Elements of the revised plan include the establishment of a fund to compensate qualified claimants during an initial four year program, an advisory science panel whose findings would not be preclusive but can be used as evidence in potential future litigation involving class members, and a robust notice program. The plan also includes research and diagnostic programs that were part of the original class agreement. Consistent with recent actions taken by Bayer to provide greater transparency and access to glyphosate studies, the company also will seek permission from the Environmental Protection Agency (EPA) to add a reference link on the labels for its glyphosate-based products that will provide consumers with access to scientific studies and information that the company has permission to disclose or are in the public domain.
Qualifying class members over the next four years will be eligible for levels of compensatory awards based on guidelines set forth in the agreement.
Read the full class plan agreement here.
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to benefit people by supporting efforts to overcome the major challenges presented by a growing and aging global population. At the same time, the Group aims to increase its earning power and create value through innovation and growth. Bayer is committed to the principles of sustainable development, and the Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2019, the Group employed around 104,000 people and had sales of 43.5 billion euros. Capital expenditures amounted to 2.9 billion euros, R&D expenses to 5.3 billion euros. For more information, go to www.bayer.com.
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This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer Group or subgroup management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer's public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
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PUB: 02/03/2021 12:00 PM/DISC: 02/03/2021 12:00 PM