Bayer: share up on legal victory in US
(CercleFinance.com) - Bayer shares rose sharply on the Frankfurt Stock Exchange on Friday, the day after a legal victory in the US in one of the many legal proceedings concerning its controversial herbicide Roundup.
At 11.15 am, the share price was jumping over 8%, while the DAX was up by just 0.5% at the same time.
On Thursday, the US courts overturned a previous ruling in favor of a US couple, who believed that the non-Hodgkin's lymphoma contracted by the husband, a professional landscaper, was due to exposure to Roundup.
As a result, the Schaffners decided to sue Monsanto, a Bayer subsidiary, in 2019.
In his decision handed down yesterday, Judge Chagares of the US Court of Appeals for the Third Circuit in Philadelphia considers Bayer's argument to be justified.
The judge points out that the Federal Insecticide, Fungicide and Rodenticide Act (FIFRA) - the legal framework governing pesticide regulation in the USA - requires uniformity in the labelling of products distributed nationwide.
Monsanto did not therefore violate Pennsylvania law by failing to warn on its Roundup packaging that the product was likely to present cancer risks.
In a press release, Bayer stated that it was "satisfied" with the court's decision, and that it would need to be reviewed by the US Supreme Court in order to resolve this legal issue.
The group points out that, to date, 114,000 of the 172,000 lawsuits filed over Roundup have been resolved or dismissed.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
At 11.15 am, the share price was jumping over 8%, while the DAX was up by just 0.5% at the same time.
On Thursday, the US courts overturned a previous ruling in favor of a US couple, who believed that the non-Hodgkin's lymphoma contracted by the husband, a professional landscaper, was due to exposure to Roundup.
As a result, the Schaffners decided to sue Monsanto, a Bayer subsidiary, in 2019.
In his decision handed down yesterday, Judge Chagares of the US Court of Appeals for the Third Circuit in Philadelphia considers Bayer's argument to be justified.
The judge points out that the Federal Insecticide, Fungicide and Rodenticide Act (FIFRA) - the legal framework governing pesticide regulation in the USA - requires uniformity in the labelling of products distributed nationwide.
Monsanto did not therefore violate Pennsylvania law by failing to warn on its Roundup packaging that the product was likely to present cancer risks.
In a press release, Bayer stated that it was "satisfied" with the court's decision, and that it would need to be reviewed by the US Supreme Court in order to resolve this legal issue.
The group points out that, to date, 114,000 of the 172,000 lawsuits filed over Roundup have been resolved or dismissed.
Copyright (c) 2024 CercleFinance.com. All rights reserved.