Bayer Rises; U.S. Judge to Cut $80 Million Roundup Jury Verdict

U.S. District Judge Vince Chhabria said that he would have a final ruling by the end of next week.
By Tony Owusu ,

Bayer AG (BAYRY) - Get Report  ADRs were higher Wednesday after U.S. District Judge Vince Chhabria said he would reduce a jury's $75 million punitive-damages award against the company in a case involving the Roundup weed killer.

The plaintiff in the case, Edwin Hardeman, had said that Monsanto's Roundup weed killer caused his cancer. Bayer purchased Monsanto for $63 billion in 2018.

Reuters reported on Tuesday that the judge said he was also considering reducing the jury's $5 million compensatory-damages ruling because Hardeman's cancer was in remission and he was unlikely to suffer as much as he had. 

Bayer ADRs were up 1.1% at $17.29.

"It's quite clear that under the Constitution I'm required to reduce the punitive-damages award and it's just a question of how much," Chhabria said. U.S. Supreme Court rulings limit the ratio of punitive to compensatory damages to 9 to 1. 

The judge said he would issue a ruling by the end of next week. 

Bayer faces lawsuits by more than 13,400 plaintiffs nationwide who say that the company's Roundup product has caused them some form of illness. 

Loading ...