Bayer Ag Agrees to Resolve Sky Valley Lawsuits Concerning PCB Chemical
In a significant development, German pharmaceutical and life sciences company Bayer has reached agreements in principle with over 200 plaintiffs regarding PCB litigation linked to the Sky Valley Education Center near Seattle. These agreements, however, do not cover adverse verdicts in ongoing appeals related to the same litigation.
The agreements are primarily with Bayer's Monsanto unit, which produced PCBs from 1935 to 1977. The chemicals, known as polychlorinated biphenyls, were once used in various products, including electrical equipment, carbonless copy paper, caulking, floor finish, and paint. PCBs were outlawed by the U.S. government in 1979 due to links to cancer and other health problems.
The cost of these additional settlements was covered by the PCB litigation provision taken in the second quarter. About 1.2 billion euros of the additional provisions were related to Roundup litigation, but the specific amount of the provisions related to PCB litigation was not provided.
The affected persons involved in the agreement with Bayer concerning the PCB cases around the Sky Valley Education Center are all plaintiffs except for nine already lost cases involving 49 plaintiffs whose cases are still ongoing and not yet formally approved.
The litigation is separate from the Sky Valley Education Center product liability cases. In a related case, a jury in the state of Washington ordered Bayer to pay $100 million to four people who said they contracted various health problems from PCB at the school. However, the company was not found liable for injuries alleged by 11 others in the same case.
The news of these agreements has extended gains for Bayer's shares, with them up 2.7% by 1305 GMT, reaching a two-week high. The company did not specify the exact number of lawsuits related to Roundup, but it is known that these have weighed heavily on Bayer's shares since the acquisition of Monsanto in 2018.
The terms of the agreements are confidential and subject to approval of final settlement agreements by the parties. The adverse verdicts in the litigation linked to the Sky Valley Education Center, which were not covered by the deal, remain on appeal.
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