MOSCOW (MRC) -- Bayer says it has reached an agreement with plaintiffs’ counsel to resolve future cases in the Roundup class-action lawsuit, reported Chemweek.
The suit addresses claims that glyphosate-based Roundup herbicide, a legacy Monsanto product, causes cancer, a subject of longstanding litigation.
Under the settlement agreement Bayer “committed to pay up to USD2 billion, provision for which was made and disclosed last year, to support the claims and programs covered by the class plan,” the company says. The plan includes a fund to compensate future claimants, a science advisory panel that will help generate evidence in future claims cases, and research and diagnostic programs. Bayer will also seek information from the US EPA to put an informational label on glyphosate products.
The agreement is part of a broader strategy “designed to provide closure to the Monsanto Roundup litigation,” Bayer says. Last year, Bayer announced a series of agreements involving payments of USD10.1-10.9 billion to settle the various claims, although parts of that plan have been the subject of further litigation.
Bayer acquired Monsanto in 2017.
As MRC wrote earlier, Covestro (formerly Bayer MaterialScience) closed the sale of its European polycarbonates (PC) sheets business to the Munich-based Serafin Group effective January 2, 2020. This includes key management and sales functions throughout Europe as well as production sites in Belgium and Italy.
Covestro is an independent subgroup within Bayer. It was created as part of the restructuring of Bayer AG from the former business group Bayer Polymers, with certain of its activities being spun off to Lanxess AG. Covestro manufactures and develops materials such as coatings, adhesives and sealants, polycarbonates (CDs, DVDs), polyurethanes (automotive seating, insulation for refrigerating appliances) etc.
According to MRC's ScanPlast report, Russia's estimated consumption of PC granules (excluding imports and exports to\\from Belarus) rose in January-November 2020 by 18% year on year to 83,600 tonnes (70,600 tonnes a year earlier).
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