Bayer stock jumps after US Supreme Court sides with Roundup weedkiller maker
The US Supreme Court issued a ruling that limits cancer lawsuits over Monsanto's Roundup weedkiller, owned by Bayer. The decision eases the company's legal exposure, and Bayer shares jumped in trading.
The US Supreme Court handed down a ruling that narrows the scope of cancer lawsuits brought against Bayer's Monsanto unit over Roundup. According to MarketWatch, the decision backed the company's argument that federal regulation can pre-empt certain state-level claims for damages.
Bayer has faced tens of thousands of lawsuits since acquiring Monsanto in 2018, a burden that has clouded its balance sheet for years. The company maintains that the glyphosate-based product is safe. The ruling carries the potential to limit the flow of future litigation.
Bayer shares rose in trading after the news. Investors weighed the prospect that the decision could reduce a long-running legal risk for the pharmaceutical and agricultural-chemicals group. Company executives are continuing to seek a final resolution to the remaining cases.
Read next
Fast-track application for Otago gold mine paused in New Zealand
A fast-track consent application for a gold mine project in New Zealand's Otago region has been paused, according to RNZ. The development has renewed debate over mining projects and the country's fast approval processes.
Qantas axes Alice Springs-Melbourne route amid high costs and falling demand
Key figure in South Africa police corruption scandal pleads guilty
Europe swelters as heatwave affects more than 100 million from Spain to Germany
Second bidder emerges in Tourism Holdings takeover battle, valuing firm at up to $752 million
