Bayer Shares Dip After News From California
FRANKFURT, GERMANY — August 13, 2018
Shares in the German chemical and drug company Bayer have fallen 11 percent Monday in the wake of a U.S. court verdict against Monsanto, which Bayer has acquired.
A California jury on Friday found Monsanto liable in a lawsuit filed by a man who alleged the company's glyphosate-based weed-killers, including Roundup, caused him cancer and ordered the company to pay $289 million in damages.
It awarded $39 million in compensatory damages and $250 million in punitive damages.
Monsanto in a statement said it would appeal the verdict. "Today’s decision does not change the fact that more than 800 scientific studies and reviews...support the fact that glyphosate does not cause cancer, and did not cause Mr. Johnson’s cancer," the company said.
Bayer completed its takeover of Monsanto on June 7. It says it will no longer use the Monsanto name.