Bayer’s $11 billion Roundup settlement provision rises by $750M

In a statement, German chemicals and pesticides giant Bayer stated, the costs of settlement over claims of its Roundup weedkiller which causes cancer, which it had initially placed at $11 billion, will go up further by $750 million.

Although earlier this year in June, Bayer had struck an agreement in principle with U.S. plaintiff’s lawyers on settlements, a judge however took issue with the side arrangement on future cases that could potentially be lodged.

“Bayer took an additional provision in the third quarter to cover the increased cost of a revised class plan, as it is far enough along in the negotiations to know that the new plan will come in at approximately 2 billion U.S. dollars, an increase over the original cost of 1.25 billion U.S. dollars,” said the company in a statement.

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