{"id":1484018,"date":"2024-08-16T11:20:00","date_gmt":"2024-08-16T15:20:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1484018"},"modified":"2024-08-16T11:20:00","modified_gmt":"2024-08-16T15:20:00","slug":"bayer-shares-soar-after-roundup-weedkiller-legal-victory-in-philadelphia-court","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/bayer-shares-soar-after-roundup-weedkiller-legal-victory-in-philadelphia-court\/1484018\/","title":{"rendered":"Bayer Shares Soar After\u00a0Roundup Weedkiller Legal Victory\u00a0In Philadelphia\u00a0Court"},"content":{"rendered":"

Bayer Shares Soar After\u00a0Roundup Weedkiller Legal Victory\u00a0In Philadelphia\u00a0Court<\/span><\/p>\n

\n

Shares of\u00a0Bayer AG have been pressured over the years after a tidal wave of\u00a0litigation over its\u00a0Roundup weedkiller.\u00a0The company settled much of the Roundup litigation but still faces tens of thousands of lawsuits.\u00a0<\/p>\n

Bloomberg<\/a> reported on Thursday that the 3rd US Circuit Court of Appeals in Philadelphia ruled in favor of Bayer’s Monsanto, shielding the German company from a lawsuit brought by a Pennsylvania groundskeeper. This decision could open the door for a crucial review by the US Supreme Court, potentially paving the way to finally resolve the ongoing litigation nightmare.<\/p>\n

<\/a><\/p>\n

Chief Judge Michael Chagares, writing for a unanimous three-judge panel, stated\u00a0that the Federal Insecticide, Fungicide, and Rodenticide Act mandates\u00a0nationwide uniformity in\u00a0pesticide warning labels, blocking any attempt from\u00a0Pennsylvania to add the warning label to the\u00a0Roundup weedkiller bottle.\u00a0<\/p>\n

Bayer pointed out that the\u00a0decision conflicts with rulings from\u00a0federal appeals courts in\u00a0Atlanta and\u00a0San Francisco. This ruling sets the stage for the case to be reviewed by the US Supreme Court.\u00a0<\/p>\n

A Bayer spokesman told Bloomberg via an emailed statement that the ruling “creates a split among the federal appellate courts and necessitates a review by the US Supreme Court.”\u00a0<\/p>\n

Years of litigation have weighed on shares of\u00a0Bayer trading in Germany, which have been down nearly 80% since peaking at around $120 in 2017. Shares are up 10% to end the week at around the 29 euro handle.\u00a0<\/p>\n

<\/a><\/p>\n

“On the single stock level, Bayer’s shares are rallying after the company won an appeal in Roundup litigation, driving the Pharma space higher (GSXEPHAR +1.15%),” Goldman’s\u00a0Ananya Prakash wrote in a note this AM.\u00a0<\/p>\n

Bloomberg, citing a note from Holly Froum, an analyst at Bloomberg Intelligence, highlights what might be next for Bayer…<\/p>\n

The next step could entail a more comprehensive review from the Philadelphia appeals court, which may take months and could push back trials scheduled in Pennsylvania, Holly Froum, an analyst at Bloomberg Intelligence, said in a note. That could reduce Bayer’s ultimate exposure in the overall litigation, potentially keeping settlement costs within the company’s $16 billion outlay, Froum said.<\/em><\/p>\n

So far,\u00a0Bayer has\u00a0settled most of\u00a0Roundup litigation for $10.9 billion but faces almost 58,000 claims. Another\u00a0114,000 claims have been settled or deemed ineligible.\u00a0<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nFri, 08\/16\/2024 – 07:20<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/bayer-shares-soar-after-roundup-legal-battle-philadelphia-court<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Bayer Shares Soar After\u00a0Roundup Weedkiller Legal Victory\u00a0In Philadelphia\u00a0Court Shares of\u00a0Bayer AG have been pressured over the years after a tidal wave of\u00a0litigation over its\u00a0Roundup weedkiller.\u00a0The…<\/p>\n","protected":false},"author":0,"featured_media":1484019,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1484018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1484018","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1484018"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1484018\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1484019"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1484018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1484018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1484018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}