THURSDAY, 9 JUL 2020

 

CONNECT

Facebook Linked In Twitter
GAP_Group_2019_728x90px
GloriaJeans_266x90px
IMH LTD

Pompeo: US to Provide Military Education and Training Funding to Cyprus

Kassianides: Cyprus to Enter the Natural Gas Era

IMH LTD

INTERNATIONAL

brought to you by CIPA

Bayer To Settle Weedkiller Cancer Claims With $10.9bn

Bayer To Settle Weedkiller Cancer Claims With $10.9bn

Chemical firm Bayer is to pay up to $10.9bn (£8.8bn) to settle cancer claims linked to its Roundup weedkiller, the BBC reported. The glyphosate-based product has been subject to about 125,000 lawsuits over its allegedly carcinogenic effects.

 

New York-based law firm Weitz & Luxenberg says it has reached a settlement on behalf of almost 100,000 people. Bayer denies any wrongdoing but said the payout would end "uncertainty".

 

Roundup was originally launched by US firm Monsanto, which was bought by Bayer in 2018. Since its introduction more than four decades ago, it has become known as the world's most popular weedkiller. 

 

As part of the settlement, Bayer will pay as much as $9.6bn to resolve outstanding claims, and set aside a further $1.25bn to deal with any future action, the company said in a statement on its website.

 

"It has been a long journey, but we are very pleased that we've achieved justice for the tens of thousands of people who, through no fault of their own, are suffering from Non-Hodgkin Lymphoma after using a product Monsanto assured them was safe," Robin Greenwald, Practice Group Chair, Environmental Pollution and Consumer Protection at Weitz & Luxenberg, said in a statement.

 

Up to $5bn of the agreed payout will be released this year, with a further $5bn paid in 2021. Bayer said an agreement had not yet been reached for about 25% of the outstanding claims.

 

"First and foremost, the Roundup settlement is the right action at the right time for Bayer to bring a long period of uncertainty to an end," wrote Werner Baumann, chief executive of Bayer. He repeated the company's view that the science indicates "Roundup does not cause cancer, and therefore, is not responsible for the illnesses alleged in this litigation".

 

The German chemical giant bought Monsanto for $63bn two years ago and immediately faced legal battles over the herbicide. In August 2018, a California court issued the first ruling linking Roundup to cancer, awarding claimants substantial compensation.

 

In their lawsuits, users blame Roundup and its active ingredient glyphosate for their non-Hodgkin's lymphoma and other cancers.

 

Glyphosate is the active ingredient in many weedkillers, although the science about its safety is still far from conclusive. Some countries have banned herbicides that contain glyphosate while others continue to use them.

 

Bayer denies glyphosate is a carcinogen, a position backed by the US Environmental Protection Agency.

 

In addition to the Roundup compensation, Bayer will also pay about $820m to settle cases related to water pollution from the use of the now-banned toxic chemical compound polychlorinated biphenyl (PCB). On top of this, another $400m will be paid by Bayer to settle allegations that its dicamba-based herbicide caused damage to crops. Dicamba has also now been banned in America.

 

MORE ON INTERNATIONAL

Google To Delete Its Saved User Records After 18 Months

Google will no longer save a complete record of every search made by new users, the ...

EU Students To Be Charged More By UK Universities From September 2021

Students from the European Union wishing to study in Britain from the 2021 academic year ...

Bayer To Settle Weedkiller Cancer Claims With $10.9bn

Chemical firm Bayer is to pay up to $10.9bn (£8.8bn) to settle cancer claims linked ...

FROM AROUND GOLDNEWS

   

House Prices up by 1.1% in Cyprus in Q1 2020

House prices, as measured by the House Price Index, rose by 5.0% in the euro area in the first quarter of 2020 compared with the same quarter of the previous ...
   

Kassianides: Cyprus to Enter the Natural Gas Era

Cyprus as of July 9 will enter the natural gas era, Natural Gas Public Company Chairman Symeon Kassianides has said as tomorrow the President of the Republic ...
   

Pompeo: US to Provide Military Education and Training Funding to Cyprus

The US for the first time will provide international military education and training funding to Cyprus, as part of the State Department`s efforts to enhance ...

Cyprus to Establish a Deputy Ministry of Culture

The Cabinet has decided to proceed with the establishment of a Deputy Ministry of Culture, Deputy Government Spokesman Panayiotis Sentonas said. ...
   

Impressive Construction Work Progress At Ayia Napa Marina

On Wednesday, July 8, media representatives were given the chance to tour the iconic Ayia Napa Marina, and were provided with insight into the progress of ...
   

New Minister Of Energy And Deputy Minister For Shipping Are Sworn In

The new Minister of Energy, Commerce and Industry Natasa Pilides and Deputy Minister to the President for Shipping Vassilis Demtriades assume duties on Friday, ...
   

Innovation In The Eye Of The Perfect Storm

We live in a world of non-linear change, black swans and perfect storms, and still, it seems that we think in a linear mode. The confluence of uncertainty, ...
   

Cyprus Raises €1 Billion Through Reopening Of Bonds Maturing In 2024 And 2040

The Republic of Cyprus raised on Tuesday €1 billion in a double European bond issue through the reopening of existing bonds maturing on 3 December 2024 ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Compliance_29/06-24/09_300x250px
Gold_Issue_300x250px

IMH LTD