Bayer, Oregon finalize $698 million PCB pollution settlement
Reuters
Published Dec 16, 2022 11:58AM ET
By Brendan Pierson
(Reuters) - Bayer AG (ETR:BAYGN) has finalized a $698 million settlement with the U.S. state of Oregon to resolve claims that it polluted the environment with chemicals called polychlorinated biphenyls, or PCBs, the German pharmaceutical company and the state said Thursday.
The deal, first disclosed in August, follows similar agreements with five other states and the District of Columbia, and with a nationwide class of municipal entities. Bayer (OTC:BAYRY) still faces several other state lawsuits over PCBs.
The company said in a statement that it did not admit liability as part of the Oregon settlement, and would continued to defend the remaining cases.
Oregon Attorney General Ellen Rosenblum called the settlement a "huge win" that would give the state resources to clean up PCBs.
The lawsuits against Bayer stem from PCBs manufactured by U.S. seeds and pesticide company Monsanto (NYSE:MON), which Bayer acquired for $63 billion in 2018. Monsanto sold PCBs from 1935 until 1977, when it voluntarily ceased production.
The chemicals were once used widely to insulate electrical equipment, and in carbonless copy paper, caulking, floor finish and paint. The U.S. government outlawed PCBs in 1979 after discovering links to cancer.
In addition to lawsuits by states and cities, Bayer is facing claims by hundreds of people who say they were harmed by PCBs in fluorescent lights at a Washington state school. Some of those cases have gone to trial and resulted in jury verdicts against Bayer totaling $543 million, which the company is appealing.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.