Bayer will pay more than $10 billion to resolve thousands of lawsuits regarding claims that its herbicide Roundup causes cancer, the company announced Wednesday.
Monsanto, which Bayer bought in 2018, lost a lawsuit that same year brought by a school groundskeeper who claimed its weedkiller had caused his non-Hodgkin lymphoma. Since then, thousands of U.S. lawsuits have been filed against the company.
Bayer CEO Werner Baumann called the decision to settle the lawsuits the right one in order to end a long period of uncertainty.
“The decision to resolve the Roundup litigation enables us to focus fully on the critical supply of health care and food,” he said in 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.”
The settlement, however, does not contain any admission of wrongdoing or liability.
Bayer will pay $8.8 billion to $9.6 billion to settle existing lawsuits and then another $1.25 billion that will cover any potential litigation in the future, the company said in a press release Wednesday.
Kenneth Feinberg, a court-appointed mediator for the settlement, called the deal a "constructive and reasonable" resolution.