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
The National Labor Relations Board ruled in favor of McDonald's in a long-running case filed by workers who accused the fast-food giant of retaliation after they tried to unionize. The lawsuit, filed by 20 employees against McDonald's and some of its franchise operators in 2015. The lawsuit was seeking a ruling that would consider McDonald's a 'joint employer' with its franchisees. Shares of Facebook fell almost 3 percent in Thursday's trading after the Wall Street Journal reported that the Federal Trade Commission is considering seeking a preliminary injunction against Facebook amid antitrust concerns over the company's integration of its apps. Facebook had earlier said it was planning to integrate its three messaging services. Beverages giant Pepsi announced the launch Pepsi Café, a new coffee-infused cola, which will debut in the United States in April 2020. The new beverage, which aims to satisfy both cola lovers and coffee fanatics across the US, comes in two delicious flavors - Original and Vanilla, with roasted Arabica coffee. It will be available at all major national retailers beginning in April next year.
RELATED NEWS
Follow RTT
>