The California verdict against Monsanto has opened the door for what is estimated as 8,000 lawsuits against Monsanto, now being absorbed by Bayer.
On a call with analysts and reporters, Bayer CEO Werner Baumann said the number of plaintiffs in both state and federal litigation was approximately 8,000 as of the end of July. Bayer acquired Monsanto in June and had previously tallied 5,200 lawsuits against Monsanto.
The CEO says the number of cases “is not indicative of the merits of the plaintiffs’ cases.” Bayer shares have lost more than ten percent since the California verdict ordered Monsanto to pay $289 million in a lawsuit over glyphosate, the ingredient in Monsanto’s Roundup. Experts say that the lawsuit opened the door for thousands of other similar cases.
Bayer contends that the jury’s verdict is the opposite of science-based conclusions of regulators and the company will “vigorously defend this case and all upcoming cases.”