California court orders for Bayer damages to be cut

Friday, 19. July 2019 07:50

Punitive damages paid to Alberta and Alva Pilliod for exposure to Bayer AG's Roundup should be two to four times higher than the compensation for pain and losses, Judge Winifred Smith from Alameda County Superior Court said in Oakland. The sum will thus be capped at a maximum of $250 million.

The couple was awarded $2.06 billion by a jury on May 13 after getting non-Hodgkin's lymphoma. It was attributed to the contact with the material containing glyphosate from 1975 to 2011. The product came with the portfolio of Monsanto, which the chemicals powerhouse bought for $63 billion. Bayer's shares have slumped 36.37% in the past year to €58.76 apiece, translating to market valuation of under €55 billion. The DAX stock index weakened 3.61% in the period.

More than 13,400 people have demanded damages to be paid in equivalent lawsuits. Another court slashed an award this week to $35 million from $80 million. In the current case, the German company's appeal cited "inflammatory, fabricated and irrelevant evidence" and slammed plaintiffs for "vilifying Monsanto."

Related Links: Bayer AG
Author:
Breaking the News / IT