Shares in Germany’s Bayer’s fell more than 12 percent on [March 20] after a second U.S. jury ruled its Roundup weed killer caused cancer.
[March 19’s] unanimous jury decision in San Francisco federal court was not a finding of Bayer’s liability for the cancer of plaintiff Edwin Hardeman. Liability and damages will be decided by the same jury in a second trial phase beginning on [March 19].
Bayer, which denies allegations that glyphosate or Roundup cause cancer, said it was disappointed with the jury’s initial decision….
“This looks like 2-0 plaintiffs, and clearly not helpful for the overall payout calculus and resolution of the litigation,” said Bernstein analyst Gunther Zechmann.
“We are confident the evidence in phase two will show that Monsanto’s conduct has been appropriate and the company should not be liable for Mr. Hardeman’s cancer,” the company said.
Union Investment fund manager Markus Manns cautioned that it was too early to read anything into individual rulings in courts of first instance. “What will be important for Bayer is the outcome of the appeals hearings,” he told Reuters, adding that Bayer should not yet engage in settlement talks.
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