Last week Bloomberg broke the news that Bayer had made a settlement proposal to resolve more than 18,000 Roundup lawsuits. Citing those close to the ongoing negotiations, Bloomberg reported the proposal was between $6 and $8 billion. Later that week, mediator Ken Feinberg, who was appointed by Judge Chhabria, issued a statement that the report was “pure fiction”.
Aimee Wagstaff of Andrus Wagstaff, who is in leadership in the Roundup MDL, confirmed this to us saying, “To be clear, no money is on the table and we haven’t discussed any terms of a global settlement. Plus, it will take way more than $8 billion to resolve this litigation.”
While there may be some confusion over the recent reports of a potential settlement in the litigation, there is no uncertainty that the Roundup trials to date have not gone well for Bayer. This has put pressure on the stock and prompted a “no confidence” vote by Bayer stockholders. Two trials upcoming in St. Louis have been postponed, so we may have to wait awhile for the next Roundup verdict.
Werner Bauman, Bayer’s CEO, has said he would consider a “financially reasonable” settlement that “achieves finality of the overall litigation”. There are Roundup cases currently pending in the federal courts and well as various state courts. In addition, it is expected that a resolution may take into account future claims that are not yet filed.