LEVERKUSEN (dpa-AFX) - Shares of Bayer Group (BAYZF.PK, BAYRY.PK, BYR.L) were gaining around 2 percent in German trading after a U.S. judge Monday reduced jury award related to weedkiller Roundup to $25.3 million from $80.3 million.
In the case by a California man who blamed Roundup for his cancer, U.S. District Judge Vince Chhabria in California ruled that the March verdict was too high. Meanwhile, the judge rejected the company's bid for a new trial.
Bayer reportedly said that Chhabria's decision is a step in the right direction, but that it still plans to appeal.
According to the Judge, evidence against the Monsanto Co., which Bayer bought last year, supported the award. However, punitive damages was reduced to $20 million from $75 million, saying that the higher award was constitutionally impermissible.
Chhabria wrote, 'Monsanto's conduct, while reprehensible, does not warrant a ratio of that magnitude, particularly in the absence of evidence showing intentional concealment of a known or obvious safety risk.'
There are more than 13,400 cases against Bayer and Monsanto over Roundup, alleging that glyphosate, the herbicide's active ingredient, is not safe.
In Germany, Bayer shares were trading at 59.66 euros, up 1.76 percent.
Copyright RTT News/dpa-AFX
© 2019 AFX News
