logo
Plus   Neg
Share
Email

Bayer Stock Up As U.S. Judge Cuts Roundup Jury Award

Shares of Bayer Group (BAYZF.PK,BAYRY.PK,BYR.L) were gaining around 2 percent in German trading after a U.S. judge Monday reduced jury award related to weedkiller Roundup to $25.3 million from $80.3 million.

In the case by a California man who blamed Roundup for his cancer, U.S. District Judge Vince Chhabria in California ruled that the March verdict was too high. Meanwhile, the judge rejected the company's bid for a new trial.

Bayer reportedly said that Chhabria's decision is a step in the right direction, but that it still plans to appeal.

According to the Judge, evidence against the Monsanto Co., which Bayer bought last year, supported the award. However, punitive damages was reduced to $20 million from $75 million, saying that the higher award was constitutionally impermissible.

Chhabria wrote, "Monsanto's conduct, while reprehensible, does not warrant a ratio of that magnitude, particularly in the absence of evidence showing intentional concealment of a known or obvious safety risk."

There are more than 13,400 cases against Bayer and Monsanto over Roundup, alleging that glyphosate, the herbicide's active ingredient, is not safe.

In Germany, Bayer shares were trading at 59.66 euros, up 1.76 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Walmart Canada has apologized after a Christmas sweater featuring Santa Claus and apparently cocaine was posted for sale on the company's Canadian website. The retail giant pulled the controversial sweater from its website following a backlash on social media. However, the sweater was not available on Walmart's U.S. website. Ford Motor Co. is recalling around 262 thousand F-Series heavy-duty pickups in the U.S. and Canada citing problem with the electric tailgates that may open unintentionally. The recall involves F-250, F-350 and F-450 Super Duty trucks from the 2017 through 2019 model years. Of these, 231,664 vehicles are in the U.S., while 29,953 are in Canada. Sony's 'MLB The Show' video game series will be available on additional console platforms beyond PlayStation as early as 2021. Currently, the game series is exclusive to PlayStation. 'MLB The Show' is the MLB's officially licensed simulation baseball video game series. San Diego Studio has been creating the officially licensed baseball video games enjoyed by fans for more than 20 years.
RELATED NEWS
Follow RTT
>