In June of 2018, Bayer made the decision to buy a company called Monsanto. They knew Monsanto was the manufacturer of the most popular weed-killer in the world. They got the company for the bargain price of $63 billion. People are now questioning whether that was such a wise decision. Bayer CEO Werner Baumann may also regret buying Monsanto.
CEO of Bayer, Werner Baumann, decided to forge ahead with the deal despite warnings from many business experts. However, Baumann, who is known to be a bit stubborn, signed the contract. He may now be wishing he never had.
Even at the time of the sale, Bayer was aware that Monsanto had been named in several lawsuits regarding their number one product – RoundUp. A jury in San Francisco awarded a plaintiff $79 million in damages. Over the next 9 months, two more Bay Area cases were decided against Monsanto in the amount of $87 million.
On the day the first verdict was announced, Monsanto’s market value went down by about 33%. It’s value dropped to just $68 billion, only $3 billion more than Bayer paid for the company months prior.
Since then, a total of 18,400 lawsuits have been filed against Monsanto.
People are now questioning why Bayer ever bought the troubled company. They’re also wondering why Bayer didn’t decide to settle the Monsanto RoundUp cases long ago. It’s estimated that they could’ve probably settled all of the cases for anywhere from $2 billion to $20 billion. Now, experts believe the Monsanto litigation could break the company.
There are still thousands of cases pending against Monsanto. And, while there are rumors of settlement, nothing concrete has been announced just yet.
If you believe that you or your loved one have gotten sick because of exposure to RoundUp, you need to call trusted lawyers right away.